Inflation is picking up steam in the UK. Headline inflation jumped to 2.7%, above 2.6% expected. And this is not limited to not volatile prices: core CPI is up 2.4% y/y, also above expectations. The RPI rises at an annual rate of 3.5%. The only miss comes from the House Price Index which slows to 4.1%. All in all, the rise of inflation erodes the standard of living in Britain. Pound/dollar was already advancing ahead of the publication and reached a high at 1.2957 before retreating back down to 1.2930. The pound always seems hesitant when approaching the 1.30 level. The state of the pound The UK was expected to report a bump up in inflation: 2.6% on the headline number in April after 2.3% in March. The Retail Price Index was predicted to rise by 3.4% y/y after 3.1%. Core CPI was projected to advance by 2.2% after 1.8%. GBP/USD traded around 1.2930 ahead of the publication, maintaining the well-known range. Cable remains shy of the 1.30 level. Last week, the BOE was relatively dovish. Despite unfounded optimism for a smooth Brexit process, Carney and co. see negative real wages this year and inflation peaking at the end of the year. On this background, it is hard to see sterling advancing. Today’s inflation report is followed by the jobs report and retail sales numbers. All are the last top-tier figures ahead of the elections on June 8th, the announcement of which sent the pound to its current levels. Here is the daily chart showing the recent moves in pound/dollar. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Euro-zone GDP confirmed at 0.5% q/q – EUR/USD consolidates Yohay Elam 6 years Inflation is picking up steam in the UK. Headline inflation jumped to 2.7%, above 2.6% expected. And this is not limited to not volatile prices: core CPI is up 2.4% y/y, also above expectations. The RPI rises at an annual rate of 3.5%. The only miss comes from the House Price Index which slows to 4.1%. All in all, the rise of inflation erodes the standard of living in Britain. Pound/dollar was already advancing ahead of the publication and reached a high at 1.2957 before retreating back down to 1.2930. The pound always seems hesitant when approaching the 1.30 level.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
