GBPUSD Trade Idea

The April print was recognised as a possible obstacle for the Bank of England (BoE) following last year's print, which signalled the beginning of an increase in inflation pressures that led to another interest rate hike by the BoE.

There was an expectation that the decrease in headline inflation before the April 2024 report would reduce the rate of increase in services inflation. That was proven to be false. The monthly and yearly inflation rates for the services sector exceeded both the average and maximum estimates in the projection data.