Sterling gives up 5-week high following weak data

2021-10-20 10:50:04 GMT (Economies.com)
Sterling gives up 5-week high following weak data

Sterling declined on Wednesday against dollar away from five-week highs on profit-taking and following weak UK inflation data for September. 

 

GBP/USD fell 0.2% to 1.3768, with an intraday high at 1.3814, after closing up 0.5% yesterday, marking five-week highs at 1.3833 following bullish statements from Bank of England governor. 

 

Andrew Bailey said earlier this week the bank will love to counter increasing inflationary pressures, in turn bolstering the case for UK policy tightening soon. 

 

In London, inflation settled down last month, in turn dampening bets on a UK rate hike in the near term.

 

Consumer prices rose 3.1% in September in the UK, missing estimates of 3.2%, and also down from 3.2% in August. 

 
 
 
  Symbol Last Change Chg.%
1.1321
0.0051
0.4507%
1.3324
0.0014
0.1086%
Tadawul
10810.60
-60.02
0.55%
22.855
-0.190
0.822%
68.509
-3.892
5.376%
70.84
-2.60
3.54%
1792.300
7.210
0.404%
 
 
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