Daily Alert – Wednesday 22nd March 2023: UK CPI misses to the upside, not good

Mark NugentDaily Alert, March 2023

Daily Alert – Wednesday 22nd March 2023: UK CPI misses to the upside, not good

Good afternoon.

Positive sentiment returned for the second consecutive day yesterday as markets shrugged off their bank-related worries.

Early this morning, UK inflation beat expectation, not in a good way, by coming in at 10.4% for February against the consensus estimate of 9.8%. We’ll see what impact this has on the Bank of England at the rate setting meeting on Thursday.

As I mentioned yesterday, I did enter EURGBP long intraday as the price cleared the previous day’s high. So far, it’s doing OK. I exited half the trade at yesterday’s close as it was way off the day’s high.
My WTI long is doing well.

Looking ahead we have the Fed rate setting decision as well as new economic projections, at 6pm UK-time.

I will be back tomorrow.

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