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U.K. headline inflation came in above 3.0% for the first time since 2012. That means BOE governor Mark Carney will have to write a letter to chancellor Philip Hammond to explain it. Cable was unimpressed though and fell to a new intraday low (1.3320) after initial spike to 1.3380.
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Pound down on U.K. politics
Weekend report that 40 members of British parliament have agreed to sign a letter of no-confidence in PM Theresa May, weighs on the pound. GBP/USD opened about 20 pips lower, extended the decline by 50 pips in Asia and by 30 pips so far in Europe. 1.30 - 1.3050 is the support area to watch.
Not-so-hawkish hike sends pound lower
The Bank of England hiked its official bank rate for the first time in ten years with support from all but two MPC members. The hike was widely anticipated though and the market sold this fact in the absence of a really hawkish forward guidance. The pound looks headed lower.