Quick Take
- UK CPI YOY came in hot at 10.4% when it was forecasted to come in at 9.9%.
- UK core CPI YOY came in at 6.2% — while it was forecasted to come in at 5.8%.
- This CPI result came after politicians in the UK called for “inflation has peaked.”
- UK HICP inflation is growing at the fastest rate across the G7.
- The Bank of England is meeting tomorrow to decide on the rate hike. Money markets have fully priced in 25bps.
- As a result, GBPUSD has shot up 1.75% to 1.22.
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