U.K. CPI & Core CPI Results
Today U.K. will release CPI, Core CPI, PPI Input & PPI Output data at 0600 GMT/1130 IST. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Here the average price of various goods and services are sampled and then compared to the sampling done a year earlier. This is considered the UK’s most important inflation data because it’s used as the central bank’s inflation target.
Let’s see how GBP has reacted during the previous data release:
- The sterling falls gradually against U.S. dollar ahead of U.K.’s CPI data and slips back below $1.3800 mark.
- Today pair made intraday high at $1.3812 and low at $1.3792 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1.3815 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3790 will check further supports.
Take a look and do trade wisely!