Sterling gives back recent gains

Hi everyone,


Sterling is down another 0.5% today after UK inflation data came in softer than expected. Although the forecast was out by a tiny 0.1% and inflation is now at its highest level for more than 40-years. Traders were hoping for a touch more in the hope that the BoE would think about raising rates higher than already planned. 


The enormous 2% jump MoM was no surprise to markets given that this is when Ofgem's price cap came in. Inflation is due to slowly fall from now until October's new energy price cap comes in, where 10% inflation is expected. It's a bit of a knee-jerk reaction as to why Sterling has fallen on the back of the data today, so we could see a recovery as quick as tomorrow. 


Yesterday, the Pound enjoyed an unexpected bump from sources that haven't really been at play since the start of the covid pandemic. GBP gained 1% across the board after UK wage and employment figures showed strong positive jumps. 83,000 jobs were added to an already red-hot labour market and unemployment fell to its lowest level in 50-years. Job-to-job moves were up a record pace and both average earnings and bonuses smashed forecasts. 


A '2-steps forward, 1-step back' type of week for the Pound so far, but current levels are showing a 2-week high against most currencies..


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