Analyst: Inflation data raises doubts about the prospect of a rate cut by the Central Bank of the UK in August

On July 17th, Jinshi data, Monex analyst Nick Reece stated in a report that the UK inflation data made the prospect of a rate cut by the Bank of England in August “more dubious,” causing the pound to extend its earlier gains, rising to a one-year high above 1.30 against the dollar and to a two-year high against the euro. Given that the overall inflation easing progress seems to have stalled this month, a rate cut next month may be difficult to accept. The UK’s annual inflation rate in June remained at 2%, contrary to expectations of a slight decrease, and the core inflation rate and service sector inflation rate remained high.