UK inflation causes rate spikes

Source: Dukascopy Bank SA


On Wednesday, at 07:00 GMT, the UK Inflation data was published. The event caused a spike in the value of the GBP. However, the currency almost immediately returned to previous levels.

For example, the GBP/USD jumped and retraced back by 22 base points or 0.16% in less than five minutes.

The year-on-year UK Consumer Price Index results came in at 5.1% instead of the forecast 4.8%. Meanwhile, the Core Consumer Price Index was revealed to be at 4.0%, compared to expected 3.7%.
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