CPI m/m (GBP) comes in at 0.1% against 0.2% consensus
| Pair | Now | Since publish |
|---|---|---|
| GBPUSD | — | — |
The UK’s Consumer Price Index month over month, CPI m/m, for July was released at 0.1%. This figure came in below the consensus expectation of 0.2%, representing a -50.0% surprise against forecasts. The previous month’s reading was 0.7%.
Following the release, the British Pound saw varied movement against major currencies. GBPUSD moved up 7.2 pips within five minutes and was up 3.0 pips after 15 minutes. GBPCAD gained 5.9 pips in five minutes, settling to a 1.7 pip gain after 15 minutes. GBPJPY and GBPNZD both saw initial gains of 11 pips within five minutes, moderating to 3.7 pips and 4.5 pips respectively after 15 minutes. These initial movements are currently small when compared to the median one hour moves observed after past releases, which typically see GBPUSD move 15 pips, GBPCAD move 20 pips, GBPJPY move 18 pips, and GBPNZD move 21 pips.