BOE gov still testifying to the TSC 15 Nov
- clothing and footwear are volatile components
- would not take a steer from Oct inflation data
- inflation will go up due to fall in GBP
- PPI data was consistent with first stage of weaker GBP passing through into CPI
- tends to be substantial but protracted
I highlighted the PPI strength still to filter through in my CPI data post.
- BOE has limits to tolerance for above-target CPI
GBPUSD nudging higher again to 1.2420. EURGBP still drifting off at 0.8673
