Forex News: Pound Advances After U.K. Inflation Data

Pound Advances After U.K. Inflation Data

(RTTNews) - The pound was higher against its major counterparts in the New York session on Wednesday, after data showing an acceleration in consumer price inflation in the month of April.

Data from the Office for National Statistics showed that UK's consumer price index rose 3.5% year-on-year in April, faster than the 2.6% increase in March. Inflation was expected to rise to 3.3%.

On a monthly basis, the CPI advanced at a faster pace of 1.2% after rising 0.3% in March. This was also faster than the forecast of 1.1%.

Core inflation that excludes prices of energy, food, alcohol and tobacco, rose to 3.8% from 3.4% in March.

Prices of goods grew 1.7% annually after rising 0.6%. Likewise, services inflation rose to 5.4% from 4.7%.

The pound recovered to 193.30 against the yen, 1.1101 against the franc and 0.8432 against the euro, from its early nearly 2-week lows of 192.58, 1.1039 and 0.8459, respectively. The currency is seen finding resistance around 196.00 against the yen, 1.12 against the franc and 0.82 against the euro.

The pound remained higher against the greenback and was trading at 1.3434. In the previous session, the pound climbed to more than a 3-year high of 1.3468 against the greenback. The currency is poised to find resistance around the 1.36 level.

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