Buy the rumour sell the fact

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Summary

The Day So Far…

At 2.7% Y/Y, UK inflation for April marked the highest reading since June 2013 lifted by the timing of Easter, rising prices for clothing, vehicle excise duty, and electricity. However, any gains in Cable were decidedly short lived as most of these factors were anticipated and the pair had already risen throughout the morning prompting a “buy the rumour sell the fact” reaction.