Bitcoin breaks £23,000 as UK inflation hits double-digits, markets price in 25bps for the BOE

Quick Take

• UK CPI YOY came in hot at 10.4% when it was forecasted to come in at 9.9%.
• UK core CPI YOY came in at 6.2% — while it was forecasted to come in at 5.8%.
• This CPI result came after politicians in the UK called for “inflation has peaked.”
• UK HICP inflation is growing at the fastest rate across the G7.
• The Bank of England is meeting tomorrow to decide on the rate hike. Money markets have fully priced in 25bps.
• As a result, GBPUSD has shot up 1.75% to 1.22.

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