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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
Recent data released today indicates that UK headline inflation surged to 3.0% year-on-year in January, surpassing the Bank of England's forecast of 2.8% and marking the highest rate since March 2024. Core inflation, which excludes food and energy prices, rose by 3.7% year-on-year. Additionally, the consumer price index for services saw a significant increase of 5.0% year-on-year, just below the Bank's anticipated 5.1%.
Given the ongoing elevated inflation rates, the Bank of England is unlikely to adopt a more lenient approach, as persistent price pressures remain a critical concern.
The latest employment report showed a slightly more favourable outcome, with the unemployment rate holding steady at 4.4% for the three months ending in December. However, the 6% year-on-year wage increase poses a challenge for the Bank of England, as it contradicts their inflation target of 2%.
Today’s economic calendar is relatively quiet. In the US, January data on housing starts and building permits is expected, although results may fall short of forecasts due to adverse weather conditions and wildfires in California. The minutes from the FOMC meeting held in January are also set to be released.
UK: 07:00 CPI Inflation (January)
IRE: 11:00 Residential Property Price Index (December)
US: 13:30 Housing Starts (January)
US: 19:30 Fed FOMC meeting Minutes (28-29th January)
As ever we look forward to keeping you in the loop and look out for our next update.
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