U.K. inflation data for January - Ester Holdings
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U.K. inflation data for January

  • Consumer Price Index (CPI) (y/y) (Jan), fact 1.8%, forecast 1.9%.
  • Consumer Price Index (CPI) (m/m) (January), fact -0.8%, forecast -0.7%.
  • Purchasing producer price index (m/m) (January), fact -0.1%, forecast 0.2%.

The inflation report in the UK for January turned out to be very negative, pointing out that the negative dynamics of the CPI remains, which since the beginning of the current year continues to accelerate the deceleration. It is worth noting the index of producer purchase prices, which, on the contrary, slowed down the decline, but did not meet market expectations. Consumer price indices at the same time fell to the lows of the beginning of 2017-18, indicating a slowdown in the UK economy.

Fig. 1. U.K. consumer price index (CPI) (y/y) chart

The British pound was very restrained, despite the slowdown in inflation in the UK, maintaining a restrainingly downward dynamic. The negotiations on Brexit remains the main driver for the pound, which is of paramount importance in the conditions of the soon exit of the UK from the EU. At the same time, this negative report will put a moderate pressure on the pound.

The GBP/USD pair remains under the pressure of a downtrend. Significant support levels are: 1.2830 and 1.2800, resistance: 1.2920 and 1.2940.

GBP/USD chart. The current price is 1.2880.

Read also: “Long-term investments in currency pairs! The USD/DKK pair”

Hanzenko Anton

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