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UK Inflation Data
- Consumer Price Index (CPI) (y / y) (May), fact 2.0%, forecast 2.0%.
- Consumer Price Index (CPI) (m / m) (May), fact 0.3%, forecast 0.3%.
- Purchasing Producer Price Index (MoM) (May), fact 0.0%, forecast 0.2%
The data on the consumer price index (CPI) in the UK coincided with the forecast. The slowdown was shown by the producer purchasing price index, pointing to a slowdown in inflation. At the same time, the overall CPI figures kept a moderately upward trend, which is regarded by the market as an optimistic signal.
Fig. 1. UK consumer price index (CPI) (y)
The British pound updated the high against the American dollar and most of its main competitors on restrained positive data , but continued to trade very restrained, limited to risks and political uncertainty in the UK. The GBP/USD pair has slowed down the downward trend, but is limited in growth by resistance levels: 1.2580 and 1.2600.
Fig. 2. GBP/USD chart. Current price – 1.2570
Read also: “Correlation Strategy for Trading in the Forex market“
Hanzenko Anton
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