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UK inflation report released as 2.0% expected

GBPJPY finally showing some bullish recovery for the past two days after reaching January low at 136.000. The UK inflation report which is the key data for the pound was as expected, which failed for a impulsive move for the pound. With the annual inflation rate clocking in at 2.0%, matching the Bank of England’s (BoE) target rate, the case for an imminent interest rate hike diminished. This left Pound Sterling (GBP) on a generally muted footing as investors reassessed the odds of the BoE making a policy move before the end of the year.Even so, this dip in inflation still bodes well for UK households as wage growth continued to outpace inflation in May.Data also revealed that UK wages are continuing to grow faster than inflation, as average earnings rose by 3.4% in May. The GBPJPY rose +0.18% as of writing, as the Retail Price Index hiked 0.1% vs 2.9% expected and the Consumer Price Index came out 2.0% as expected.

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