We've let the dust settle on todays news before sending out the market comment as there was such a raft of data to digest and to see reaction in the markets.
Firstly the two measures of UK inflation put out this morning at 7am. Firstly the Consumer Price Index. This is a measure of a basket of goods suggested to reflect consumer shopping habits. This came in at a whopping 9.1% growth year on year and puts further pressure on the cost of living....however this growth was predicted by analysts. Secondly there is the Retail Price Index. This is a statistical measure of a weighted average of prices of a specified set of goods and services purchased by consumers. This came in at 11.7% year on year growth against an expected 11.4% growth. Neither of these is a good sign for the average consumer and needs to be balanced against the Bank of Englands target for Consumer Price Index growth which is a mere 2% year on year growth.
Little wonder the train strikes aren't causing havoc on the roads. It looks like most workers are opting to work from home again if they can't use public transport due to very high fuel costs.
The Office for National Statistics also released it's housing price data earlier. Analysts were predicting that house prices had risen by 9.7% year on year, but the actual figure came in at 12.4%. This puts a further distance in front of would be first time buyers.
However all of this has had little effect on GBP rates which remain locked in a sideways pattern.
Today sees key speeches from the US before the UK releases it's public sector net borrowing position at breakfast time tomorrow.
Today’s Economic Calendar
US: 14:30 FED's Jerome Powell's Speech
US: 19:00 President Joe Biden's Speech
UK: Thursday 07:00 Public Sector Net Borrowing
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