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Daily Alert: GBP outperforms as UK joins the inflation party

  • The UK is the latest in a long line of countries to experience a surge in inflation. October CPI inflation jumped from 3.1% to 4.2% yoy according to figures released overnight, a 10-year high and well ahead of the consensus (and Bank of England) expectation of 3.9%.
  • Outside of the UK, there wasn’t a lot of action in financial markets overnight. A mild ‘risk-off’ tone prevailed.
  • US housing market data released overnight were mixed. Housing starts fell 0.7% in October, confounding expectations for a decent increase.

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