GBPJPY retreats from multi-day high post-UK CPI, eyes BoE's testimony on monetary policy – by hareshmenghani GBPJPY Inflation BOE RiskAppetite Currencies
The cross, however, retreats a few pips from a multi-day high and slides back below the 166.00 mark following the release of UK inflation figures.
The UK Office for National Statistics reported that the headline Consumer Price Index accelerated to 11.1% YoY in October from 10.1% recorded in the previous month. Additional details revealed that the core inflation, which excludes volatile food and energy items, rose 6.5% YoY during the reported month.
The initial findings, as reported by Associated Press citing unidentified US officials, suggest that the missile that hit Poland on Tuesday may have been fired by Ukraine at an incoming Russian missile. The headlines infuse some stability in the financial markets, which, in turn, dents demand for traditional safe-haven assets, including the JPY. This, in turn, warrants some caution before placing aggressive bearish bets around the GBPJPY cross.
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