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Webinar: UK Inflation Data Surprise to the Downside, Pound Tumbles

Webinar: UK Inflation Data Surprise to the Downside, Pound Tumbles

Martin Essex, MSTA, Analyst

Talking Points

- UK inflation data surprised to the downside, with the headline rate dropping to 2.6%; an unchanged 2.9% had been predicted.

- The figures make a UK interest rate increase less likely, sending the British Pound sharply lower.

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UK inflation dropped unexpectedly to 2.6% year/year in June; an unchanged reading of 2.9% had been forecast by analysts. The core rate also fell, to 2.4%, below the unchanged 2.6% predicted.

In this webinar, DailyFX Analyst and Editor Martin Essex explains why the numbers make an increase in UK interest rates less likely. That weakened the British Pound against the US Dollar, Euro and Japanese Yen, while sending the FTSE 100 index of leading London-listed shares higher.

Chart: GBPUSD Five-Minute Timeframe (July 18, 2017)

Webinar: UK Inflation Data Surprise to the Downside, Pound Tumbles

Chart by IG

For traders in the Pound, attention will now turn to UK retail sales and public sector borrowing data due later this week.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

For help to trade profitably, check out the IG Client Sentiment data

And you can learn more by listening to our regular trading webinars; here’s a list of what’s coming up

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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