UK inflation takes centre stage
20 May, 2014
Monday’s trading was absent of any key data releases and so the markets were relatively flat ahead of today’s major UK announcements. The only data out yesterday was the latest Construction Output figures for the Euro-zone. Output had dropped to 5.2% from 6.7% on the year and actually contracted by 0.6% in the month of March. This data however was not one for the markets as sterling and Euro exchange rates largely consolidated at current levels.
Today sees a host of releases for the UK. At 9:30am we will find out the latest consumer and producer price index figures along with DCLG house price index and the latest retail price index. The main headline announcement will be the year on year inflation figure, currently sat at 1.6% but forecast to increase to 1.7%. This result would likely support the pound during tomorrow’s trading if achieved.
It is widely expected the pound’s recent rally is reaches its short term limit and so any additional boosts at this stage could be providing peak exchange rates for the weeks to come, and any negativity could solidify last week’s highs as a peak opportunity missed. Ensure you are in close contact with your currency broker to be on the front foot and take advantage of any favourable movements in the coming days.
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