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BREAKING: Pound losses after lower UK inflation reading!

7:01 AM 19 July 2023

CPI inflation for June (y/y): 7,9% y/y today. 8.2% y/y was expected. Previously: 8.7% y/y.

Core CPI inflation for June (y/y): Currently 6,9% y/y. 7.1% y/y was expected. Previously: 7.1% y/y.

No sign of a 'hot' summer when it comes to inflation in the UK. Macroeconomic indicators surprise on the downside. Core CPI in the UK pleases the BoE (the smoothest m/m since January). The good news is that more disinflation is coming due to PPI deflation. Expectations for a 50bp hike at the next BoE meeting in August are falling. Source: Bloomberg

The pair is back below the psychological barrier of 1.3. Source: xStation 5

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