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On Wednesday, the British pound went down to a minimum of the trading session after the report informed that inflation in the United Kingdom in March headed south to a minimum for the last year, which reduces the chances of an interest rate lift by the Bank of England next month.
The currency pair GBP/USD went down 0.59% coming up with an outcome of 1.4204 after the previous value of about 1.4275.
On Wednesday, the National Statistical Office of Great Britain informed that on an annualized basis in March, inflation speeded down to about 2.5% after a 2.7% in February. It appears to be the minimum value for the last year, which turned out to be lower than the forecast of inflation growth by about 2.7%.
Core inflation speeded down year-on-year to up to 2.3% against the 2.4% growth in February as well as acceleration forecasts to 2.5%.
Inflation is currently slowing towards a target value of the Bank of England of about 2%. As a matter of fact, the probability of an increase in the interest rate in May seemed to have reduced, as some market experts have already pointed out.
Inflation data confirmed that the cost of living in the United Kingdom has gone down.
A report on Tuesday pointed out that the average wage level in the United Kingdom tacked on by approximately 2.8% for the three months to February. Thus, the growth of wages for the first time managed to surpass inflation of the previous year.
The British pound also went down versus the common currency. The currency pair EUR/GBP went up about 0.65% ending up with an outcome of 0.8714 versus 0.8659 before the publication of the inflation report.
On Wednesday, the evergreen buck stood still due to the fact financial markets waited for the conclusion of the Fed’s latest gathering, while the New Zealand dollar rallied versus the evergreen buck on a better-than-anticipated business confidence report…
On Tuesday, the evergreen buck went down to the lowest value of the day versus its key rivals ahead of a highly-anticipated two-day Fed gathering starting later on Tuesday…
The Federal Reserve is anticipated to be one of the most aggressive major central banks when it gets to the monetary policy…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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