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Inflation data due at 7:00GMT

UK DATA
  • Markets are currently pricing in around 62bp for the December MPC meeting (so around a 45% probability of a 50bp hike and 55% prob of a 75bp hike.
  • Today's data therefore could help guide the market more to one of those outcomes.
  • This afternoon we will also hear from Bailey, Broadbent, Mann and Dhingra as they testify ahead of the Treasury Select Committee (beginning at 14:15GMT).
  • The upcoming comments may help temper moves a little if there is an upside surprise, but we would still expect a decent market reaction as SONIA future / gilts open (and in GBP in the meantime).

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