​​Outlook on FTSE 100, DAX 40 and S&P 500 following a drop in tech stocks ahead of Wednesday’s US CPI data release.

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EURO Bulls received fresh impetus yesterday following news that the ECB may upgrade the forecast for 2024 inflation to above 3%. The result has seen rate hike expectation hawkishly repriced ahead of the US CPI release.

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GBP prices extended its decline today after UK GDP disappointed. Cable now looks to US CPI for guidance.

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Focus for US CPI will be on whether a softer core inflation read will be sufficient for the Fed to keep rates on hold ahead, despite a resurgence in headline pricing pressures.

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GBP is testing crucial support against the US dollar ahead of UK GDP data due later Wednesday. Which way is the tide for GBP/USD, EUR/GBP and GBP/JPY?

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