UK inflation figures broadly missed forecasts on Wednesday.
GBP/JPY slid further away from 190.00 level, rejection pattern forms.
Thursday sees UK GDP numbers, Friday to wrap up with UK Retail Sales.
GBP/JPY got knocked further back from the 190.00 handle on Wednesday after UK inflation numbers came in broadly below expectations, dragging the pair into a rough near-term consolidation pattern as investors gear up for further UK data releases in the back half of the trading week.
UK Consumer Price Index (CPI) inflation in January slid more than markets forecast, with MoM headline CPI printing at -0.6% versus the forecast -0.3%, falling back from the previous month’s 0.6%. Annualized CPI held steady at 4.0% for the year ended in January, coming in below the market’s forecast uptick to 4.2%.
Japan’s Gross Domestic Product (GDP) print early Thursday is expected to bring little new for markets to chew on, with Japan quarterly GDP expected to hold steady at -0.1% for the fourth quarter. Later Thursday sees the UK’s own GDP growth print, forecast to decline to a scant 0.1% for the annualized fourth quarter compared to the previous period’s 0.3% as the UK domestic economy continues to go lopsided and growth edges closer towards recession territory.
Friday will wrap up the UK economic data docket with January’s Retail Sales, which are forecast to rebound to 1.5% MoM after December’s -3.2%
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