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Analysts at Scotiabank explained that the UK’s inflation picked up in July, reaching 2.5% Y/Y, in line with expectations (from +2.4% in Jun).  

Key Quotes:

“Price growth is expected to moderate later in the year and the data have not added any conviction to market expectations that the BoE may need to follow up on this month’s rate increase any time soon.”

“With Brexit risks more in focus,  policymakers  can bide their time. Cable retains a weak undertone, reflecting broader USD strength but EUR/GBP continues to retreat from last week’s failed push through 0.90.”