British Pound futures reverse from early highs as U.K. CPI hits 3.3.

In the currency quadrant, June British Pound futures experienced a familiar intraday reversal, rallying early before pulling back to near unchanged. This marks the third time in five sessions the pound has given up early gains. The fundamental backdrop was dominated by hotter-than-expected U.K. inflation data, with March CPI accelerating to a 3.3% annual rate and first-quarter services producer prices rising 3% year-over-year. These sticky inflation figures are raising questions about the Bank of England's ability to cut rates. Meanwhile, a softer U.S. dollar, weighed down by the extended U.S.-Iran ceasefire, provided initial support, and open interest in British Pound futures remained elevated above 260,000 contracts.