UK CPI for April Exceeds Expectations at 2.3% YoY

Written by

Anthony Bull

Wednesday, May 22, 2024

Daily Currency Update

UK CPI for April Exceeds Expectations at 2.3% YoY

NZD: The RBNZ held the interest rate at 5.5%, as expected. Attention now shifts to Governor Orr’s media interviews later today, which may provide further insights into future monetary policy direction.

GBP: The UK’s Consumer Price Index (CPI) for April came in at 2.3% YoY, above the forecast of 2.1% but significantly lower than the previous 3.2%. This indicates a slowdown in inflation, easing any pressure on the Bank of England to hike rates.

EUR: ECB President Christine Lagarde will deliver a speech at 9:00 AM, focusing on the effectiveness of capital markets in the EU. Her comments could impact market sentiment and the EUR.

NZD: Later tonight, New Zealand’s Retail Sales for Q1 are anticipated. The forecast is a -0.3% decline, an improvement from the previous -1.9%. Positive data could support the NZD.

GBP/USD has surged past its recent range, testing the 1.2750 level following better-than-expected UK inflation figures.

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UK CPI for April Exceeds Expectations at 2.3% YoY

Daily Currency Update

UK CPI for April Exceeds Expectations at 2.3% YoY

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