The data is very good and is a sign of a strong, resilient economy with sound fundamentals.

The services-oriented sector of the economy is still looking fairly robust, averaging a 3.9 percent increase year-on-year. This is above the trend rate of inflation so that is upward pressure for the retail price index.

The gains in imports are a sign of strong domestic demand and show how resilient the economy is now. With growth in the U.S. and other export markets set to accelerate, exports will be strong for some time.

The key factor is that there is still a soft tone to the U.K. economy and a clear absence of inflation.

The key factor is that there is still a soft tone to the U.K. economy and a clear absence of inflation,

There is a persistent trend that we are seeing in Asian currencies and it has got to do with more than a view on Fed policy.