HOT NEWS: British CPI data came in higher than expected, increasing the negative real British interest rate, and sparking an initial drop in the relative value of the British Pound.
Many market analysts were already expecting UK CPI to reach as high as 8% in April, due to rises in energy prices which had already been announced but have not yet taken effect. The Bank of England has said it expects inflation to peak at about 7% in the second quarter of this year.
The data increases the likelihood that the Bank of England will hike rates again at its April meeting. However, the release barely affected British markets: the GBP/USD currency pair dropped by barely 15 pips during the first half hour following the release. occurring in the most developed countries, rather than as something specific to these markets or currencies. It shows that inflation is increasing worldwide, and its momentum does not yet seem to be slowing.
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