About 10:30 markets got to know a number of readings from the UK mainly related to CPI and PPI. Although the results were strongly mixed, the most important indicator among them – November consumer inflation YoY, was above forecasts.
CPI 1.2% in November, the pound up
According to the latest report of ONS, the November CPI inflation in the UK rose to 1.2% from 0.9% recorded in October (forecast predicted positive dynamics of 1.1%).
All publications from 10:30 on the screenshot below:
Data allowed the pound sterling on short-term appreciation and draw new intra day highs above the level of 1.2700. In the first reaction to the publication, GBP/USD rose about 20 pips:
EURGBP also was able to deepen Tuesday’s declines and tested the 0.8350 level, re-testing the lows of September and December this year. But as long as the level is not defeated, it’s hard to talk about the possibility of further strengthening the GBP against the EUR:
