Today’s U.K. inflation report came in softer than expected, with headline CPI dropping to 2.6% versus the 2.7% forecast, potentially setting up GBP/JPY for a continued downside move in the short-term.
With core inflation easing to 3.4% from 3.5% previously, and services inflation notably falling to 4.7% from 5.0%, the odds of a BOE rate cut in May have increased significantly.
Let’s examine how we may theoretically structure a trade plan around this development.
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