
We prepared an outlook of major events of this week. Check it and be ready!
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT. This monthly release compares prices of the specific basket of various goods and services with its price in the same month last year. CPI is a key indicator of overall inflation. Inflation is important to currency valuation because rising prices lead to rising interest rates to curb inflation.
The inflation in the UK is the highest since March 1992 at 7%. The rising food and energy prices continue to put pressure on consumers, so the policy makers face hard choices. Last month’s CPI was 7.0%, outperforming the expected 6.7%. The GBP had lost around 530 points but recovered quickly. If you traded one lot, you could have earned $425.00.
The greater the “Actual” compared to the “Forecast”, the better it is for currency.
Check the Economic Calendar
Instruments to trade: GBPUSD, EURGBP, GBPCAD, GBPJPY.
We prepared an outlook of major events of this week. Check it and be ready!
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
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