British Consumer Price Index is due at 11:30 a.m. MT time.
Inflation is a crucial factor for currency valuation. High inflation rate forces central banks to raise its interest rate to maintain the price stability. The previous CPI data was above consensus forecast and also above the Bank of England’s 2% target for the first time since the end of 2013. The stronger than expected data it increased speculation that the BoE would be forced to tighten monetary policy more quickly than it had previously projected. This release can bring additional gains for the pound, if the figures beat the market expectations once again.