The Bank of England held interest rates on Thursday and said weak growth during a snowy start to 2018 was likely to be only temporary, but it wanted to see a pick-up in the economy in the next few months before raising borrowing costs. In our opinion a rate hike in August is likely.

U. S. Labor Department said its Consumer Price Index rose 0.2% after slipping 0.1% in March. Excluding the volatile food and energy components, the CPI edged up 0.1% after two straight monthly increases of 0.2%. The market had forecast the CPI rebounding 0.3% in April and the core CPI climbing 0.2%.

The USD weakend after U.S. CPI data. We opened long trades on EUR/USD and GBP/USD. EUR/GBP long is progressing after on-hold BoE decision.

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