Important UK data releases today but eyes will be elsewhere

Sterling performed well yesterday thanks to encouraging economic data. The most significant release was the annual Consumer Price Index which showed that inflation in the UK was above the expected levels. As a result, we saw an immediate reaction in the market with sterling enjoying solid gains against US dollar and the euro. Today see’s even more significant data with the claimant count change and the unemployment rate. The latter is of particular interest, given its links to the Bank of England’s forward guidance on interest rates. With a target of 7% before the central bank would consider hiking interest rates, any decrease in the unemployment rate will surely impact the markets accordingly. Get in touch with your trader now for the latest sterling rates, with further important data due.