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Will the UK Consumer Price Index match the market forecast of 10.2%?

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Will the UK Consumer Price Index match the market forecast of 10.2%?

14.09.2022

Today's Highlights
  1. UK Consumer Price Index
  2. U.S. Producer Price Index

In U.S. currency trading the previous day, 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 the daily chart, the pair fell sharply from this month’s high to near this month’s low. 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 about 1.5 yen from 167.552 to 165.937 ahead of today’s CPI release.GBP/JPY has continued to decline during today’s Asian trading session, dropping to 165.589, so it will be worth watching whether the UK CPI release puts a stop to this decline.

Today, at 15:00 during Asian trading hours, the UK Consumer Price Index, UK Retail Sales, and UK Producer Price Index will be released, followed by the EurozoneIndustrial Production at 18:00 during European trading hours, 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 during U.S. trading hours, U.S. Weekly Crude Oil Inventories at 23:30, and New Zealand’s Q2 GDP at 7:45 the following day.Today’s UK CPI is forecast to come in at 10.2% year-over-year; we will be watching closely to see if it exceeds market expectations.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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