Daily Alert – Wednesday 18th October 2023: UK inflation sticky as a sticky bun

Mark NugentDaily Alert, October 2023

Daily Alert – Wednesday 18th October 2023: UK inflation sticky as a sticky bun

Good afternoon.

UK inflation missed expectations to the upside in all three measures: Headline m/m, Headline y/y and Core. The GBP rose for a few hours but gave it all back and some and is now down on the day. I doubt this is enough to change the Bank of England’s thinking on the next rate-setting decision scheduled for 2nd November.

There was some good news on Chinese GDP, Industrial Production and Retail Sales.

The Israel/Gaza situation deteriorated after a hospital was hit. Both sides blamed the other.

Currencies have been very choppy this week but today sees the USD down and the EUR and GBP up, which is aligned with my bias. I will be watching the charts carefully and will decide if I want to trade later this evening.

I’ll be back tomorrow, in the afternoon, after US Unemployment Claims.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE