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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%.
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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