A much weaker CPI reading out of the UK pushed cable down 70 pips and pushed up bonds as inflation pressure is lifted, although at 4% is still high. Expectations were for a reading of 4.4% on the main headline figure.
After the ECB rate hike, I personally felt a UK rate rise is round the corner, but after this number some are saying it could be as late as November before we get a hike. However we shall see if this will be the continuing theme or will we go back up again next month.
Stocks look like they pausing around here, still looking for some pull-backs rather then buying a bunch of fly away stocks.
On a side note I will be posting video blogs in the future, which will be much more interactive. Stay tuned!
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