The British pound felt the heat yesterday as the BoE left interest rates unchanged. However, the losses were limited with the currency pair seen consolidating near the same level. Data from the U.S. showed that consumer prices rose less than expected. Headline CPI increased 0.2% while core CPI rose 0.1% on the month.
The U.S. dollar was seen weakening slightly on the day.
Looking ahead the economic data for the day will see the release of the employment numbers from Canada. The median estimates point to an increase of 17.8k jobs on the month which is slightly lower than the 32.3k jobs added previously. The Canadian unemployment rate is expected to remain steady at 5.8%.
The ECB president, Mario Draghi is expected to speak later in the afternoon. The ECB president will be speaking at a conference in Italy. The week wraps up with the University of Michigan’s consumer sentiment and inflation expectations data
