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Forex News: Pound Extends Slide As U.K. Inflation Eases

Pound Extends Slide As U.K. Inflation Eases

07/18/2017 - 05:08:00 (RTTNews)

(RTTNews) - The British pound continued to be weak against other major currencies in the early European session on Tuesday, after data showed that U.K. inflation slowed to a three-month low in June.

Data from the Office for National Statistics showed that U.K. inflation slowed to a three-month low in June. Consumer prices advanced 2.6 percent year-on-year in June, following a 2.9 percent rise in May. Inflation was expected to remain unchanged at 2.9 percent.

Month-on-month, overall consumer prices remained flat, while economists expected a 0.2 percent gain.

Another report from the ONS showed that output price inflation fell more-than-expected to 3.3 percent annually from 3.6 percent in May. The expected rate was 3.4 percent. This was the slowest rate since December 2016.

At the same time, input price inflation came in at 9.9 percent compared to 12.1 percent a month ago. However, it was faster than the 9.3 percent forecast. June's 9.9 percent increase was the slowest the rate has grown since September 2016 when it was 7.6 percent.

On a monthly basis, output prices remained unchanged and input prices slid 0.4 percent.

European stocks traded lower on U.S. healthcare bill woes after two more Republicans opposed a revised version of the bill. Caution ahead of BOJ and ECB meetings due this week may also keep investors on the sidelines.

No big changes are expected from the European Central Bank and the Bank of Japan when they meet to review their monetary policies on Thursday.

Meanwhile, Brexit minister David Davis met EU negotiator Michel Barnier for a second round of talks in Brussels on Monday, with key issues surrounding Britain's withdrawal, including citizens' rights and its exit bill, on top of the agenda.

In the Asian trading today, the pound had fallen against its major rivals.

In the European trading, the pound fell to a 4-day low of 1.3019 against the U.S. dollar, from an early 10-month high of 1.3125. On the downside, 1.28 is seen as the next support level for the pound.

The pound dropped to a 4-day low of 146.18 against the yen, from an early high of 147.32. The pound may tests support near the 142.00 region.

Against the euro and the Swiss franc, the pound slipped to 5-day lows of 0.8849 and 1.2465 from early highs of 0.8781 and 1.2582, respectively. If the pound extends its downtrend, it is likely to find support around 0.89 against the euro and 1.23 against the franc.

Looking ahead, U.S. import price index for June and U.S. NAHB housing market index for July are slated for release in the New York session.

At 9:30 am ET, Bank of England Governor Mark Carney is expected to speak at the unveil of the new £10 note, in Hampshire.

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