Daily Alert – Wednesday 19th June 2024: UK inflation falls to 2.0%

Mark NugentDaily Alert, June 2024

Daily Alert – Wednesday 19th June 2024: UK inflation falls to 2.0%

Good afternoon.

It’s a wee bit quiet today with the US being on holiday.

UK CPI fell to 2.0%, as per the expectation. This is the Bank of England’s target inflation level but that does not mean it is time for interest rate cuts. There are still many inflationary risks around and some forecasts have inflation rising again before falling back down.

The Bank of Australia held the interest rate at 4.35% as expected. However, the Bank was hawkish, and markets are now saying there is a 20% chance of a HIKE at the August meeting.

I had a good look at WTI long on Monday but decided to let it pass. It did rise yesterday but does not seem to have any real momentum.

I will be back tomorrow with a brief video of Trade 19, WTI long, where I lost 0.13%.

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