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Flash: UK data in focus today - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the release of the latest UK inflation report for April will be the main focus during the European trading session.

He adds that the annual rate of headline inflation is expected to ease modestly driven by lower prices for fuel, food and the hotels/restaurants component after a sharp price rise last year. Further, the latest Quarterly Inflation Report revealed that the BoE is expecting an annual rate of inflation of 2.6% in April. He expects inflation to remain above the BoE’s 2.0% target until the 2H 2015, although falling commodity prices has increased downside risks. He writes, “The release of the latest MPC minutes tomorrow will be closely watched to assess whether the improving inflation or growth outlook is dominating near-term policy direction. A shift away from additional monetary stimulus would support the pound in the near-term whereas should lower inflation be judged as allowing more scope for easing to support growth it would likely weigh upon the pound.”

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