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Inflation in the UK remains stuck at 0.3% y/y, with the monthly figure rising only 0.2% instead of 0.4% expected. Core inflation remained at 1.2% as expected and as in the previous month. The small miss comes on the background of an already vulnerable atmosphere. The BOE will remain in no rush to raise rates.

Cable made a small drop to 1.4260 but bounced back to 1.4274.

Inflation in the UK was expected to  tick up just a bit: from 0.3% to 0.4% y/y in March. Core CPI was predicted to rise 1.2% y/y, exactly like in the previous month.

GBP/USD suffered a  significant downfall  following the Brussels bombings. At least 23 people are dead in multiple explosions in the airport and in metro stations.

Here is the GBP/USD chart. The trend is clearly down  in the aftermath of the  Brussels bombings:

GBPUSD down March 22 Brussels bombings