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Inflation marginally disappoints consensus

UK DATA
  • Slight downward surprise for CPI (with a small upside surprise for RPI) and ends the run of 6 monthly upside surprises.
  • Very little immediate reaction in GBP on the release.
  • This still might be enough for SONIA futurs to reverse some of yesterday's moves on the open (and pull the pound weaker at the same time).

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