Insights

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

exchange68September 13, 2024

0 0 1 minute read

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.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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