UK inflation fell under 8% for the first time in 12 months this week and that led to expectations falling for even more aggressive BoE rate hikes. With GBP longs very stretched into the meeting, GBP weakness was anticipated on a lower-than-expected inflation print. China’s GDP missed the market’s forecast, but does this simply increase the prospect of more stimulus from China’s government and the PBoC? Governor Ueda pushed back against those expecting a further tweak to the BoJ’s policy sending the JPY lower mid-week ahead of key Japanese inflation data on Friday.

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