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Commentary & Analysis
Is it time for a proper pounding?
One of our background themes, no great shakes as others hold the same view, has been the idea the Bank of England summons any available raw material to try to avoid hiking interest rates. Just maybe today they got it, and the British pound is acting accordingly.
LONDON, April 12 (Reuters) – British inflation eased in March for the first time since last summer as grocers cut food prices, providing the Bank of England with fresh leeway to hold interest rates steady to support the still shaky economy.
The unexpected drop in annual inflation to 4.0 percent from 4.4 percent in February — together with a sharp decline in retail sales — gives ammunition to those policymakers who want to see the economy on a solid footing before tackling inflation.
The pound is moving in line with the news today…GBPUSD Weekly: