Forex Blog: Currency Trading News & Analysis.

October 17th 2006

UK inflation data buoys Pound

Traders bullish on the British Pound have been waiting anxiously for economic data to be released that would provide an impetus for the Central Bank of Britain to raise interest rates. On Tuesday, they got their wish, as a flurry of data revealed British price levels are slowly creeping up. Despite sagging energy prices, core inflation is running at an annualized rate of 2.4%, and retail sales are up nearly 4% in 2006. The new consensus is for the UK Bank to raise interest rates by 25 basis points at its next meeting, which is scheduled for November. The Financial Times reports:

By mid-afternoon in New York, the pound was 0.5 per cent higher at a one-week high of $1.8700 against the dollar and up 0.4 per cent to £0.6707 against the euro.

Read More: Inflation Figures Boost Sterling

SocialTwist Tell-a-Friend
Posted by Adam Kritzer | in British Pound, Economic Indicators | No Comments »

Sponsored Offers

FREE Daily Email Updates

Enter your email address:

Delivered by FeedBurner

Have Questions? Want to Share Your Review?

Be heard. Please share your reviews today!

Neighboring Posts

© 2004 - 2017 Forex Blog.org. Currency charts © their sources. While we aim to analyze and try to forceast the forex markets, none of what we publish should be taken as personalized investment advice. Forex exchange rates depend on many factors like monetary policy, currency inflation, and geo-political risks that may not be forseen. Forex trading & investing involves a significant risk of loss.