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Little reaction to UK CPI data

UK DATA
  • Despite the positive surprise (that's now 5 months in a row of above consensus inflation prints), GBP is actually a few pips weaker after the data.
  • We might get a little bit more support for GBP when STIR markets open at 7:30GMT, however, but the magnitude of the surprise is in line with recent months, so the market may have become somewhat desensitized to a 0.2ppt surprise...

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