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Weekly Roundup: Disappointing UK inflation dampens mood of pound exchange rates

currency-newsWeekly Roundup: Disappointing UK inflation dampens mood of pound exchange rates
March’s UK consumer price index data failed to encourage the pound as inflationary pressure failed to pick up further.

As the headline inflation rate fell short of the Bank of England’s (BoE) 2% target once again the mood towards the pound naturally soured on Wednesday.

However, investors found fresh cause for confidence on the back of the latest UK retail sales figures, which showed a 6.2% surge on the year.

Although this significant uptick was at least partially due to the adverse weather conditions seen in the previous March GBP exchange rates still benefitted from the improvement.

April’s raft of CBI surveys could offer the pound further support in the days ahead, provided that the economy shows signs of continued resilience.

An uptick in industrial trends orders may encourage hopes that the sector is still shaking off recent anxiety over Brexit, even as stockpiling pressures ease.

Any rebound in the second quarter business optimism index could equally help to shore up the pound against its rivals this week.
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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