Market insights

UK Inflation Drops Further Than Expected - MI151123

Breakfast today saw the UK inflation number reported. The expectation was for annualised growth of 4.8% and the number came in at 4.6%.

As expected this has caused further volatility in the Pound that immediately gave up ground on other major currencies as the pressure gets relieved from the Bank of England to hike rates further.

However the drop this morning follows a big jump to the upside yesterday, especially against the Dollar when the US also released lower than expected inflation numbers.

The currency markets could be a little quieter today with little scheduled news. However, following the last 24 hours there could also be a bit of rearranging of trades through the day that could move rates.

Highlights today are US retail sales numbers and the early hours of tomorrow sees the Australian unemployment number where the prediction is for the rate to have gone up to 3.7%.

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Economic calendar

US: 13:30 Retail Sales

AUS: Thursday 00:30 Unemployment Rate

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