Analysts at ANZ noted that US Jan CPI beat expectations overnight at 2.5% y/y - its highest increase since March 2012.
"Although some of this was due to base effects in energy prices, which rose 10.8% y/y. Core inflation moved up to 2.3% y/y (from 2.2%), supported by a 3.1% y/y rise in services costs (ex- energy). US retail sales in January rose 0.4% m/m and 0.8% m/m ex-autos, with 10 out of the 13 categories reporting gains."
"Manufacturing production rose 0.2% m/m."
"Elsewhere, the UK labour market data pointed to ongoing momentum in jobs, but the average earnings data fell short of expectations (2.6% y/y vs 2.8%). However, the average earnings data complement the lower than expected CPI data (1.8% y/y) suggesting that inflationary pressures remain in check for the time being. The BoE therefore has no need to fret on rates at the moment."
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