BREAKING: GBP surges as UK CPI fails to slow

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UK CPI inflation report for May was released this morning with a slight delay to schedule release time (7:00 am BST). Inflation data is always watched closely but this time report drew even more attention as its release came just a day ahead of the Bank of England rate decision (Thursday, 12:00 pm BST). A 25 basis point is fully priced in by markets and widely expected by economists but an upside surprise in inflation data could push BoE members closer to deciding on a 50 bp rate hike.

Actual data showed headline UK CPI inflation staying unchanged at 8.7% YoY. Meanwhile, core CPI accelerated from 6.8 to 7.1% YoY, while market expected it to stay unchanged. This is a very hawkish report and will likely boost market hopes for a bigger than 25 bp rate hike at BoE meeting tomorrow. GBPUSD surged on the news and painted a daily high near 1.28 mark.

UK inflation data for May

Headline CPI: 8.7% YoY vs 8.4% YoY expected (8.7% YoY previously)
Core CPI: 7.1% YoY vs 6.8% YoY expected (6.8% YoY previously)
Headline PPI: 2.9% YoY vs 3.7% YoY expected (5.4% YoY previously)

GBPUSD surged in response to a hawkish UK CPI report. Pair tested 1.2800 area but has quickly pulled back later on. Source: xStation5

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