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AstraZeneca Seen Upgrading EPS Guidance After -2-
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London Indexes Close in the Red on Inflation -2-
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British Pound (GBP) Latest: GBP/USD Challenges Peak, EUR/GBP Unlikely to Break Out
2021-05-19 08:05:00
Justin McQueen,
Analyst
UK Broadly In-line with Estimates, 2% Likely in Summer
GBP/USD Falters At YTD Peak
EUR/GBP Remains Rangebound
UK Inflation:Unlike the US, the UK CPI figures were broadly in line with expectations in which the headline figure rose 1.5%, above expectations of 1.4%, while the core figure printed at 1.3%, matching estimates. This is of course is largely explained by base effects and at present is not a cause of concern for the BoE. That said, upside risks remain to inflation as signalled by the PPI figures, in which input prices rose to 9.9% (exp. 9%) and thus CPI can be expected to move above 2% in the coming months. In reaction to the data, GBP was muted, greater focus will likely be on Friday’s PMI data.
4/26/2021 2:56:27 AM GMT
Major economies showing signs of recovery as vaccine rollout programs continue to accelerate. The Bank of Canada tapered its QE, while the ECB stood pat. This week the Federal Reserve holds a policy decision, while the US and Germany release GDP for the first quarter.
Last week’s ECB policy meeting was described as “a meeting to forget”, as policymakers maintained a policy and provided clues as to the bank’s future plans. ECB head Lagarde stated that it was premature to discuss tapering QE.
UK unemployment numbers were a mixed bag. Claimant Count fell by 10.1 thousand, down from 86.6 thousand and beating the forecast of 24.5 thousand. However, wage growth underperformed, falling from 4.8% to 4.5% and missing the estimate of 4.7%. The unemployment rate dipped down to 4.9%, down from 5.0%.
Major economies showing signs of recovery as vaccine rollout programs continue to accelerate. The Bank of Canada tapered its QE, while the ECB stood pat. This week the Federal Reserve holds a policy decision, while the US and Germany release GDP for the first quarter.
Last week’s ECB policy meeting was described as “a meeting to forget”, as policymakers maintained policy and provided clues as to the bank’s future plans. ECB head Lagarde stated that it was premature to discuss tapering QE.
UK unemployment numbers were a mixed bag. Claimant Count fell by 10.1 thousand, down from 86.6 thousand and beating the forecast of 24.5 thousand. However, wage growth underperformed, falling from 4.8% to 4.5% and missing the estimate of 4.7%. The unemployment rate dipped down to 4.9%, down from 5.0%.
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