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EURGBP Euro vs Pound Sterling

0.8545
-0.0026 (-0.30%)
Last Updated: 21:23:54
Delayed by 15 minutes
Name Symbol Market Type
Euro vs Pound Sterling FX:EURGBP Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.0026 -0.30% 0.8545 0.8541 0.8548 0.8575 0.8539 0.857 0 21:23:54

Pound Drops After U.K. Inflation Slows To 3-month Low

17/10/2018 6:53am

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Euro vs Sterling (FX:EURGBP)
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The pound slipped against its major counterparts in early European deals on Wednesday, as a data showed that U.K. inflation slowed to a three-month low in September.

Figures from the Office for National Statistics showed that consumer price inflation came in at 2.4 percent versus 2.7 percent in August. The rate is also below the expected 2.6 percent.

This was the lowest rate since June.

Month-on-month, consumer prices climbed 0.3 percent compared to the forecast of 0.5 percent.

Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 1.9 percent from 2.1 percent in August.

Another report from ONS showed that output price inflation has remained positive since July 2016. Output prices advanced 3.1 percent year-on-year after gaining 2.9 percent. Economists had forecast prices to climb again by 2.9 percent.

On a monthly basis, output price growth doubled to 0.4 percent from 0.2 percent.

At the same time, input price inflation accelerated to 10.3 percent from 9.4 percent in August. On month, input prices gained 1.3 percent, slightly faster than the 1.2 percent rise in August.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the yen and the greenback, it held steady against the franc and the euro.

The pound dropped to 0.8809 against the euro, down by 0.5 percent from a high of 0.8768 touched at 2:15 am ET. The pair had ended Tuesday's trading at 0.8774. The next possible support for the pound is seen around the 0.90 level.

The pound depreciated to a 2-day low of 1.3124 against the greenback, after rising to 1.3193 at 8:45 pm ET. At yesterday's close, the pair was worth 1.3184. If the pound falls further, it may find support around the 1.295 area.

Pulling away from a high of 1.3070 hit at 2:15 am ET, the pound reversed direction and edged down to 1.3010 against the franc. On the downside, 1.28 is possibly seen as the next support level for the pound.

The U.K. currency reached as low as 147.33 against the yen, following an advance to 148.26 at 9:00 pm ET. The pound is seen finding support around the 146.00 mark.

Looking ahead, Canada manufacturing sales for August and U.S. housing starts and building permits for September are set for release in the New York session.

At 12:10 pm ET, Federal Reserve Governor Lael Brainard speaks at the FinTech conference, jointly-hosted by the Aspen Institute and the Federal Reserve Bank of Boston.

Deutsche Bundesbank President Jens Weidmann speaks in Berlin at 12:30 pm ET.

Bank of England Deputy Governor Ben Broadbent will participate in a panel discussion titled "Unconventional Monetary Policies in the Euro Area, Japan, and the U.K." at the Brookings Institution in Washington DC at 1:00 pm ET.

The Federal Reserve will release minutes from its September 25-26 meeting at 2:00 pm ET.

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