Source: ForexYard
The consumer price index (CPI) released by the UK this afternoon came out to an annual rate of 3.6%. While this news is certainly positive, this still does not meet the Bank of England’s target of 2%.
Some trading the GBP/USD are taking this news cautiously as there are a number of factors that have been driving down the Sterling since last evening. The news of the Greek parliament’s decision to approve austerity measures has waned and is causing mixed feelings amongst investors. Additionally, Moody’s downgrade of several euro-zone countries and warning to the UK is not being taken lightly. In the face of this uncertainty, the USD has seen gains this morning against the GBP.
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