Yesterday’s release of UK inflation unveiled a lower-than-expected headline CPI, remaining stable at 3.8% yoy for the third consecutive month. This increased expectations for a rate cut from the BoE this year, which consequently made the GBP depreciate even though it recovered slightly during the day.
In commodity markets, Brent prices ticked up as US Treasury Secretary mentioned that more sanctions targeting Russia will be announced. Gold prices extended their decline (even though more moderately than yesterday), settling at prices lower than $4100/ounce for some hours, a level already surpassed this morning.
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