Cable falls to 1.2812 following softer than expected UK inflation data

CPI up 2.2% YY vs 2.3% forecast. Services CPI up 5.2% YY vs 5.5% forecast

1.2812 is intra-day low. 1.2855 was Asian session base (pre-UK CPI data)

Intra-day low approximates to Tuesday's Ldn am high (after UK jobs data)

Sub-forecast CPI is boost for doves advocating another BoE rate cut in Sept

1.2873 was Tuesday's two-week peak, after softer than expected US PPI data