Commenting on UK inflation data putting further pressure on the pound

Commenting on UK CPI inflation data putting further pressure on the pound, Olivier Konzeoue, FX Sales Trader at Saxo Markets, said: “More MPC Members are singing the same dovish tune with Vlieghe, an influential external member, being the last to break silence and pledge to vote for a rate cut should the UK Economy fail to bounce in Q1 2020. All data are closely monitored this month. UK CPI printed below expectations this morning, confirming the recent trend of muted inflation and overall softer data. The MPC meeting seems more “live” than ever in January with a 62% probability (from 50% yesterday) for a 25bps rate cut, putting further pressure on the ever resilient Great British pound.”