Two of the biggest forex moving pieces of economic data are GDP and CPI figures. Since the financial crisis, central banks flooded and to a certain degree continue to flood the market with quantitative easing. A lot of market participants have therefore paid less attention to GDP and CPI data, since central banks were meddling in the markets, printing money and buying bonds as well as equities in the case of the Bank of Japan.

Most traders did not have inflation on their radar for almost one decade or since the last global financial crisis. Central banks in developed countries have embarked on large economic stimulus packages know as quantitative easing, slashed interest rates to near 0% and printed money. That is a terrible combination for anyone watching for inflation and inflationary pressures.

The British Pound had a very volatile trading week which saw the British currency rally nicely, drop sharply and rally again today. Plenty of economic data was released during the week so far and forex traders have reacted to each individual report which is why the British Pound saw so much activity.