Sterling slides versus dollar as UK government meets to discuss Brexit

Economies.com
2018-11-14 18:53PM UTC

Sterling fell in American trade against the greenback following a spate of inflation data from Britain and the US today, while the markets look forward to a UK government meeting to review the Brexit deal blueprint before presenting the final deal to Parliament for voting. 

 

As of 06:33 GMT, GBP/USD fell 0.53% to 1.2908, with an intraday low at 1.2882, and a high at 1.3036. 

 

Earlier British data showed consumer prices rose 0.1% in October, same as September and below estimates of 0.2%, while rising 2.4% y/y, below estimates of 2.5%, as core prices rose 1.9%, same as the previous reading as well. 

 

UK producer prices (input) rose 0.8%, slowing down from 1.4% in September, while an index tracking house prices rose 3.5%, slowing down from 3.1% in August. 

 

UK Prime Minister Theresa May ruled out yet again another Brexit referendum, asserting work is ongoing to reach an organized exit from the EU.

 

May's office stated that she might make a short speech following the impending meeting with government ministers discussing the final Brexit agreement later today, before presenting the official speech tomorrow before Parliament. 

 

Reuters reported that two government minsters plan to resign from their posts due to their disagreement with the Brexit deal. 

 

US Inflation Data 

 

Earlier US data showed consumer prices rose 0.3% m/m in October as expected, above September's 0.1% increase. 

 

Core prices, excluding food and fuel, rose 0.2% as expected as well, above September's 0.1% increase. 

 

On a yearly basis, prices rose 2.5% as expected, while core prices rose 2.1%, slowing down from 2.2%. 

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