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Sterling slightly higher in an uneventful morning trade

Wednesday, Nov 18 2015
With no major data releases from the UK today, traders are still being focused on inflation concerns. The Bank of England expects inflation to remain low into 2016 before picking up toward its 2 percent target. BOE Governor Mark Carney has highlighted core inflation as an important measure for policy makers as they weigh when to begin interest rate increases after keeping them at a record low for more than six years.
 
Consumer-price inflation has been below 1 percent all this year and less than 2 percent since the end of 2013. Britain last saw a sustained period of price declines in 1960, according to a historic series constructed by the statistics office. In forecasts published this month, the BOE said inflation is likely to reach its goal in late 2017 and accelerate to 2.2% a year later. Services inflation, a proxy for domestic price growth, was at 2.2% in October.
 
Sterling is currently being traded around 1.5230 area. Pair is likely to find support around 1.5150 handle and resistance above 1.5250 level. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release as well as FOMC Meeting Minutes.
Last modified on Wednesday, 18 November 2015
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