Will the UK Consumer Price Index match the market forecast of 10.2%?
14.09.2022
- UK Consumer Price Index
- U.S. Producer Price Index
In yesterday’s U.S. currency markets, the U.S. dollar emerged as the strongest currency after the U.S. Consumer Price Index (CPI) came in at 8.3%—exceeding market expectations of 8.1%—despite a decline from the previous month’s 8.5%. The GBP/USD pair fell by approximately 250 pips from 1.1738 to 1.1490. On a daily chart, the pair plummeted from this month’s high to near this month’s low in a single move.With the UK CPI release scheduled for today, traders should pay close attention to any price movements following the announcement.
Among European currencies, the GBP/JPY pair fell by approximately 1.5 yen from 167.552 to 165.937 ahead of today’s CPI release. The GBP/JPY pair continued to decline during today’s Asian trading session, dropping to 165.589, so attention will be focused on whether the UK CPI release will halt the decline.
Today, at 3:00 PM Asia time, the UK Consumer Price Index, UK Retail Sales, and UK Producer Price Index will be released, followed by the EurozoneIndustrial Production at 18:00, South African Retail Sales and the U.S. MBA Mortgage Applications Index at 20:00, Canadian Manufacturing Shipments and the U.S. Producer Price Index at 21:30 U.S. time, U.S. Weekly Crude Oil Inventories at 23:30, and New Zealand Q2 GDP at 7:45 the following day.Today’s UK CPI is forecast to come in at 10.2% year-on-year; we will be watching closely to see if it exceeds market expectations.
Author: Keisuke Sakurai
