Depreciation

The pound was under the spotlight during the morning London session. And unfortunately for pound bulls, the pound got a bearish kick after the BOE failed to provide any hawkish surprises.

There were no top-tier reports printed during the Asian session, so market players focused on the upcoming meeting between the U.S. and China.

There was a lot on Uncle Sam’s docket for the session, but all eyes and ears were on Fed head Powell’s testimony when he signaled that rates are close to neutral.

U.S. consumer prices rose more than expected in January, with a measure of underlying inflation posting its biggest gain in a year, strengthening expectations the Federal Reserve will have to quicken the pace of interest rate increases this year.