GBP gave in to USD. Overview for 15.02.2023
The British pound is again affected by the US dollar. The current quote is 1.2105.
The CPI in January in Britain dropped to 10.1% y/y while the forecast was 10.3% y/y. Month-wise, inflation dropped by 0.6% while investors had expected a decline by 0.4%.
Thus, inflation continues retreating from the peak of 11.1% that it touched at the end of last year.
At the same time, the retail price index in January grew by 0.3% m/m (+13.4% y/y), which was a bad surprise.
The price situation remains unanimous, requiring attention of the Bank of England and cautiousness in long-term planning. The BoE seems to be in the middle of the cycle of interest rate increases. For the pound, inflation signals are depressive.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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