GBP/USD lifts after UK inflation fails to fall by as much as expected (corrected)

The important March UK CPI and RPI inflation reports have just been released. As noted here a little earlier this morning, the markets were expecting lower monthly and annualised readings on both counts. Well, that is just what showed up, but not by as much as the markets expected and certainly not in terms of the monthly readings. CPI remained unchanged on the month, rising by 0.6%. The core annualised rate was at 4.2%, above the 4.1% rate forecast and the non-core was at 3.2%, from 3.4%. RPI fell back to 4.3%, from 4.5% annualised. Hence, the upshot of this has disappointed those looking for a deeper fall and helped to push the Pound higher- not by very much though. The FTSE 100 futures have not liked this data much though and fallen back right now. The GBP/USD spiked to 1.2445 on this news, it is currently trading at 1.2430