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COZfx: Pound nearly unchanged after UK inflation data

Discussion in 'Analisa Fundamental' started by harryer, Aug 14, 2013.

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  1. harryer

    harryer Member

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    COZforex: The pound was little changed against the dollar on Tuesday after official data showed that the rate of consumer inflation in the UK eased in line with forecasts in July.

    GBP/USD hit 1.5483 amid European morning trade, the session high; the pair subsequently consolidated at 1.5475, edging up 0.09%. Coz forex senior derivatives trader Daniel • Moloney said, GBP/USD is predicted to find support at 1.5441, and a drop through could take it to the next support line of 1.5416. Meanwhile, the pair is predicted to find its first resistance at 1.5496, and a rise through could take it to the next resistance line of 1.5526.

    The Office for National Statistics said consumer price inflation in the UK ticked down to 2.8% on a year-over-year basis in July, in line with economists’ expectations, from 2.9% in June. The decline in inflation was due to lower airfares and clothing prices the ONS said.

    Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by a seasonally adjusted 2% in July, below expectations for a 2.3% increase. Consumer inflation was flat last month, compared to expectations for a 0.1% increase and after falling 0.2% in June.

    Earlier Tuesday, a report by the Royal Institution of Chartered Surveyors said that UK house prices rise at the fastest pace in seven years in July, fuelling fears over a housing bubble. The RICS seasonally adjusted house price balance jumped to 36 in July from a reading of 21 in June.

    Investors were looking ahead to US retail sales data later in the session during hopes that a strong number would reinforce the view that the economic recovery was established enough for the Federal Reserve to begin phasing out its asset purchase program later this year.

    (COZ forex UK)
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