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November 2015

Pound stable after inflation data misses expectations

Published: Tuesday 17 November 2015

Consumer Prices index came in at -0.1%, exactly the same as the September reading, but missing expectations of an 0.1% increase. It’s the ninth consecutive month that the CPI has been around zero and will push back the chances of an interest rate increase from the Bank of England.
 
Elsewhere German ZEW Survey economic sentiment beat forecasts rising to 10.4 from the prior 1.9 reading as a pickup in business activity was aided by the weaker euro. Market reaction was muted however, as the data counterbalanced by Eurozone ZEW survey reporting a fall to 28.3 from the prior 30.1 reading.
 
US CPI numbers have just been released, coming in line with expectations for October with an increase of 0.2% month on month and 1.9% year on year. Again no real market reaction, EURUSD remains below 1.07 after breaking through support at 1.07 and GBPUSD just holding onto 1.52
 
US industrial production and NAHB housing data will be released shortly.