Last week’s publication of inflation data for the UK was overshadowed by the news that the country had slipped into a recession. A closer inspection of the data showed that headline inflation fell by more than the market had expected. Sterling surprisingly ended the week stronger, even though the pressure on the Bank of England to cut interest rates has intensified. The Chancellor was relaxed over the news that the Fourth quarter GDP fell by 0.3% after a 0.1% fall in the period between July and September. He told reporters that his faith in the Monetary Policy Committee to make a “considered decision” about when to cut interest rates remains “unshaken.” Two independent members of the MPC commented on their views about the economy and inflation on Friday. Catherine Mann, the most hawkish member of the group, said that the news that the economy had fallen into recession had come as no surprise to her. Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.