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Higher Than Expected UK CPI Sees Gains in GBP/USD

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UK CPI (M/M) Mar: 0.8% (est 0.5%; prev 1.1%)

– UK CPI (Y/Y) Mar: 10.1% (est 9.8%; prev 10.4%)

– UK CPI Core (M/M) Mar: 0.9% (est 0.6%; prev 1.2%)

– UK CPI Core (Y/Y) Mar: 6.2% (est 6.0%; prev 6.2%)

Details of today’s inflation report. High UK inflation is largely driven by food prices. This is likely to prompt the BoE to make another 25bp hike. Source: ONS

The GBPUSD pair gained sharply briefly after the UK inflation reading. Source: xStation 5

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