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GBP Boosted by BoE's Sticky Inflation Issue

FOREX
  • GBP trades to the top-end in G10, rising against all others on an above-expected March inflation release. While headline inflation slowed from the February print, Y/Y CPI remaining in double digits and core CPI holding above forecast poses further problems for the Bank of England, prompting a number of sell-side analysts to add 25bps to their MPC hike cycle.
  • GBP/USD's post-data rally put the pair at 1.2472 before fading slightly, keeping the Friday high of 1.2546 out of reach for now as the bull trigger.
  • USD/JPY traded through the overnight highs alongside the European open to trade just below the Y135.00 handle. A modest wave of USD strength accompanied a return higher for US Tsy yields, as the 10y touched 3.62% - a new April high - alongside tighter implied Fed pricing.
  • The ECB speaking slate is busy Wednesday, with appearances from Lane, Knot, de Cos and Schnabel all on the docket. Markets remain split between a 25 and 50bps hike at the ECB's next meeting - with final March CPI data doing little to sway markets in either direction (inline with prelim at 6.9%).
  • The Fed Beige Book release rounds off central bank comms, scheduled at 1900BST/1400ET. Earnings remain a focus, with Wednesday highlights including US Bancorp, Morgan Stanley, Tesla and IBM.
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