Market insights

Pound Leaps After Inflation Report - MI170424

Analysts had expected a UK inflation number of 3.1% annualised growth. The number came in at 3.2%.

This caused an immediate jump in the Pound against most major currencies.

The reason for this is the easing of pressure on the Bank of England to drop the base rate.

However gains could be relatively short lived as the Eurozone reports it's confirmed inflation number this morning.

Analysts are predicting a confirmed annualised growth of 2.9%.

There could then be some see sawing in the GBP/EUR rate through the day as there are a number of speeches from both the Bank of England and the ECB.

Going into the early hours of tomorrow eyes will turn to the Australian Dollar as the Australian unemployment rate is announced. 3.9% is the expected rate.

Business news naturally centres on the inflation report. Although the reading came in at 3.2%, this is still lower than las month. However it does still mean that prices are increasing each month well beyond the Bank of Englands targeted 2%.

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Economic calendar

EUR: 10:00 Inflation Report

EUR: 10:00 ECB's Piero Cipollono Speech

UK: 13:05 BoE's Megan Greene Speech

EUR: 14:00 ECB's Piero Cipollono Speech

EUR: 16:45 ECB's Isabel Schnabel Speech

UK: 17:00 BoE's Andrew Bailey Speech

EUR: 18:45 ECB's Christine Lagarde Speech

UK: 19:00 BoE's Jonathan Haskel Speech

As ever we look forward to keeping you in the loop and look out for our next update.

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