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GBPUSD spikes higher on marginal beat to core CPI

UK DATA
  • So that's a very marginal upside to CPI.
  • Core CPI one tenth higher than expected (remaining at 6.3%Y/Y rather than falling one tenth).
  • Headline CPI in line on the Y/Y measure but one tenth higher for M/M.RPI actually misses to the downside by 2 tenths in the Y/Y print.
  • Kneejerk GBPUSD spikes 30 pips on the print, now up around 20 pips at 1.2310.

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