Free Trial

The inflation data is soft - but not as soft as at first glance

UK DATA
  • As noted, the fact that air fares accounted for a decent amount of the downside surprise today can explain a lot of the pullback in GBPUSD.
  • This is still a softer number than expected, but with clothing also pulling headline CPI lower, it's not as soft as it appeared at first glance.
  • However, there was a general broad-based fall outside of food and clothing which means this remains a soft print.
  • Looking through the upside contributors - the only notable one was used cars contributed which +0.07ppt - that's a larger increase than expected and hadn't really been flagged in any previews that we read.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.