Sterling stable despite despite disappointing yesterday's CPI figures

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Wednesday, Jan 14 2015

Sterling remained stable despite disappointing yesterday's CPI figures. To remind ourselves UK CPI increased by 0.5%, down from 1.0% last month and missing market expectations on 0.7% incline. After initial fall pair managed to rebound easily indicating possible uptrend soon.

Today there will be no major data releases from the UK. However, BoE Governor Mark Carney is due to testify on the Financial Stability Report before the Treasury Select Committee, in London. Traders will be looking for any possible hints on future monetary policy. As it is at the moment it is not likely that we are about to witness rate hike before the end of the year, with inflation concerns and parliamentary elections scheduled for May.

Sterling is currently being traded slightly below 1.5160 area. Pair is likely to find support around 1.5080 level and resistance above 1.52 handle. Later today, in the US session, Retail Sales figures are scheduled for a release.

More in this category: « Aussie down with a fall in copper prices Euro below 1.18 handle ahead of European Court of Justice »

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