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UK inflation higher but quite as high as expected- GBP/USD slips slightly
The important UK November CPI and RPI reports have just been released. As noted earlier, the markets were expecting a rise in UK inflation last month for core annualised CPI, to reach 3.6% from 3.3%. However, the non-core monthly rate was forecast to fall. It was the same dynamic expected for Retail prices (RPI) too. The yearly rate was forecast to rise to 3.7% from 3.4%, but the monthly rate was expected to fall to 0.2% from 0.5%. The actual data has revealed a rise as expected, but not quite as much as forecast. The GBP/USD was trading around 1.2712 leading into this data. The immediate reaction to the data has not seen it move any higher, because this data was slightly softer than expected. The GBP/USD is right now at 1.2703
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