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19.01.2022

European session review: GBP strengthens, as hotter-than-expected UK’s December CPI data increases rate hike expectations

TimeCountryEventPeriodPrevious valueForecastActual
07:00GermanyCPI, m/mDecember-0.2%0.5%0.5%
07:00GermanyCPI, y/y December5.2%5.3%5.3%
07:00United KingdomRetail Price Index, m/mDecember0.7%0.7%1.1%
07:00United KingdomProducer Price Index - Input (YoY) December15.2%13.7%13.5%
07:00United KingdomProducer Price Index - Input (MoM)December1.5%0.7%-0.2%
07:00United KingdomProducer Price Index - Output (YoY) December9.4%9.4%9.3%
07:00United KingdomProducer Price Index - Output (MoM)December1%0.6%0.3%
07:00United KingdomRetail prices, Y/YDecember7.1%7.1%7.5%
07:00United KingdomHICP ex EFAT, Y/YDecember4.0% 4.2%
07:00United KingdomHICP, m/mDecember0.7%0.3%0.5%
07:00United KingdomHICP, Y/YDecember5.1%5.2%5.4%
09:00EurozoneCurrent account, unadjusted, bln November21.8 26.0
09:00FranceIEA Oil Market Report    
10:00EurozoneConstruction Output, y/yNovember3.6% 0.5%


GBP rose against most of its major counterparts in the European session on Wednesday, as investors digested the UK’s CPI data for December, which showed that inflation rose to its highest level in 30 years. 

According to the Office for National Statistics' (ONS) report, consumer prices in Britain rose 0.5% m/m in December after jumping 0.7% m/m in November. Economists had forecast a 0.3% m/m gain. On an annual basis, consumer prices surged 5.4%, accelerating from 5.1% in the previous month. This was the highest reading since March 1992 and exceeded economists’ forecast of 5.2%. 

Market participants believe that hot December CPI data could force the Bank of England’s (BoE) policymaker to announce another interest rate increase, when they gather on February 3.

The further gains in the pound, however, were limited by reports that the UK's Prime Minister (PM) Boris Johnson is facing a leadership challenge.

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