Great Britain Pound Fails to Capitalize on Positive UK Data

Macroeconomic reports released from the United Kingdom today were almost universally good, including the most important of them — the Consumer Price Index. The Great Britain pound attempted to rally against the US dollar on the back of the good data but failed to maintain the upward momentum. The sterling did not even attempt to rise against such currencies as the euro and the Swiss franc.

The CPI rose 2.7% in April, year-on-year, beating the analysts’ median estimate of 2.6%. Other reports were also better than expected, the only miss being the House Price Index. The annual increase of the HPI was 4.1% in March, which was below the expected gain of 5.4%.

GBP/USD rallied from 1.2891 to 1.2967 intraday before retreating to trade near the opening level as of 11:12 GMT today. EUR/GBP jumped from 0.8507 to 0.8581, trading near the highest since April 5.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *