UK CPI Preview: Inflation “apocalypse” priced in, GBP/USD has room to fall by forexcrunch uk cpi gbpusd
However, Bailey was referring to emerging markets, not Britain. When the UK's inflation figures hit the wires, there could be an "it could have been worse" reaction – a sell-off in sterling. Fourthly, the upbeat market mood pushed the dollar down in a much-needed correction, but that is probably ephemeral, as no significant improvement has been seen in the world's fear factors.sparked a recovery, but Beijing is still suffering restrictions.
Russia continues raging its war in Ukraine, and most importantly, the Federal Reserve is determined to raise interest rates. All these factors favor the dollar and have yet to materially change. It would take another indicator of higher prices in the US to spark the next leg of the dollar rally. All in all, a 9.1% annual increase in inflation is nothing to be cheerful about, and it supports further rate hikes by the Bank of England.
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