Top Stories
by ForexNewsNow Team on September 14th, 2010

GBP USD analysis: Sterling pares losses after U.K. CPI report

GBP USD analysis - a heap of poundsNEW YORK (Forex News Now) – The pound pared earlier losses against the dollar on Tuesday, after official data showed that air fares, rising food bills and price mark-ups on clothes kept Britain’s inflation rate high at 3.1% in August.

In European morning currency market trading, GBP/USD hit 1.5412, down 0.11 percent on the day.

The figures released earlier by the Office for National Statistics defied analysts expectations that the Consumer Price Index would decrease to 2.9 percent year-on-year in August.

According to GBP USD analysis, cable was likely to touch support around the low of Sept. 7, 1.5297, and encounter immediate resistance around the high of Sept. 8, 1.5533.

Sterling’s losses also came as FX traders’ risk appetite was dented by disappointing economic data from Germany: The Mannheim-based ZEW think tank said earlier that its monthly poll of German economic sentiment fell to -4.3 during the month, down from 14 in August.

Elsewhere, the pound also fell versus the yen: GBP/JPY traded at 128.44, down 0.55 percent, according to intraday analysis.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))