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Sterling at 1.52 handle

Friday, Jan 16 2015
After it went below 1.51 handle, minutes after UK CPI figures were released showing further decline in inflation, this month to 0.5%, Sterling equally quickly rebounded. Support for Sterling came from Bank of England governor Mark Carney who said it was "possible" that overall living costs will start to fall in the coming months on due to the decline in petrol and food prices.
 
Though markets expected that falling inflation could further postpone BoE rate hike, Carney in its recent interview said that there will be rise in interest rates in forseeable future. Regarding falling inflation Carney said it was "good news for British households" as "lower prices at the pump and in the shops" eased pressure on family finances. He added that he expects inflation "to continue to drift down in coming months".
 
Sterling is currently being traded around 1.52 handle. Pair is likely to find support around 1.5130 level and resistance above .15250 area. Later today, in the US session CPI, Industrial Production and Consumer Sentiment figures are scheduled for a release.
More in this category: « Aussie slightly higher in tighter-range Friday's session US CPI decreased by 0.4% »

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