Here's your Daily Currency Update – 14 October 2026

• US inflation came in hotter than expected this afternoon, with headline CPI at 3.7% yearly and core at 2.6%.
• The dollar strengthened on the news, pushing sterling and the euro lower against it, though the pound held up better than the euro.
• GBP/EUR pushed higher to around 1.1864, remaining near its strongest levels in well over a year.
• Earlier comments from Bank of England’s Huw Pill expressing scepticism about four rate rises had supported the pound before the data.
• German wholesale prices were stronger than forecast earlier in the day, but the US figures dominated the reaction.
• The rest of the week still holds US retail sales and producer prices on Thursday, plus UK industrial and trade data.
• Current mid-market ranges: GBP/EUR €1.1761–€1.1857 | GBP/USD $1.3089–$1.3189. Spot: GBP/EUR 1.1864 (0.8429), GBP/USD 1.3207, EUR/USD 1.1139.

The past 24 hours were dominated by the US CPI release at 13:30 UK time. Headline consumer prices rose 0.6% on the month and 3.7% on the year (above the 3.6% forecast), while core inflation increased 0.3% monthly and 2.6% annually (both hotter than expected). Fuel costs were a major driver, and the firmer core reading revived expectations of a possible Federal Reserve rate increase later this month. The dollar strengthened in response, with the euro falling more sharply than sterling. Earlier in the day, Bank of England Chief Economist Huw Pill had said he was sceptical that markets are right to price four quarter-point BoE rises over the next year, which had given the pound a modest lift before the US data. German wholesale prices also came in stronger than expected. Looking ahead, Thursday brings US retail sales, producer prices and the Philadelphia Fed survey, alongside UK GDP, industrial production, manufacturing and trade balance figures for August, plus eurozone industrial production. Friday includes final eurozone CPI and trade data together with US industrial production and import prices. Ongoing IMF meetings continue to provide a backdrop of central-bank commentary.

• Over the past 24 hours the pair has ranged between roughly 1.1831 and 1.1864, a volatility of about 0.28%, with a net gain of around 0.23%..
• The hotter US CPI hit the euro harder than sterling, allowing the cross to push to fresh multi-month highs.
• Pill’s earlier scepticism on the scale of future BoE tightening had already helped the pound hold elevated levels against the euro.
• The pair remains close to its strongest levels in around 16–20 months, reflecting relative resilience in UK rate expectations.

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• The pair has moved within a 24-hour range of roughly 1.3200–1.3276 (approximately 0.58%), recording a net decline of around 0.36% after the data.
• The hotter-than-expected US core CPI strengthened the dollar and reversed earlier sterling gains against it.
• Pill’s comments had helped the pound earlier, but the US inflation surprise dominated the afternoon move.
• Higher energy-related inflation risks remain in the background for both the UK and US.

• The pair has seen a 24-hour range of roughly 1.1132–1.1212 (about 0.72%), with a net decline of around 0.53%..
• The hotter US core CPI pressured the euro more sharply than sterling, widening the gap in the crosses.
• Stronger German wholesale prices earlier offered only limited support before the US data.
• Ongoing French fiscal concerns and energy-price pressures continue to weigh on the single currency relative to the pound.