The Great Britain pound tumbled today as today’s macroeconomic releases were disappointing, especially to those who were bullish on the currency. Most importantly, inflation slowed more than was expected.
The Consumer Price Index was at 2.2 percent in October, falling from 2.7 percent in September and trailing the forecast of 2.5 percent. The House Price Balance of Royal Institution of Chartered Surveyors jumped to 57 percent in October, but was still below the predicted value of 59 percent. So far, the bullish expectations were unfulfilled, but tomorrow’s inflation report should really determine the sterling’s performance for this week.
GBP/USD sank from 1.5987 to 1.5874 as of 10:01 GMT today. GBP/JPY dropped to 158.27 from the opening level of 158.51 and the daily high of 159.21.
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