Pound Holds Steady Ahead of Crucial Inflation Data
London: 16 October 2023 (TraderMade): The British pound stayed steady against the euro and the dollar on Monday. It also went up against the Swiss franc. This is happening because important inflation data is coming out this week. The CPI data will affect the Bank of England's interest rate choices.
Current GBP status against significant currencies
GBPUSD The
Pound/ US Dollar pair was at 1.21227 (Low) on Friday, 13 October. Yet, it gained by 0.438% on Monday, 16 October, and reached 1.21758 (1 PM GMT).
GBPEUR
The Pound/ Euro pair was at 1.15414 on Friday, 13 October. It was at 1.1549745 on 16 October (around 1 PM GMT). Thus, it shows a 0.072% increase.
GBPCHF
The Pound/ Swiss Franc pair was at 1.09158 on Friday, 13 October. Today, on 16 October, it is at 1.09755. It shows an increase of 0.547%.
This recovery followed a nearly 1% decline on Friday, as investors sought refuge in the Swiss franc amidst concerns about developments in the Middle East over the weekend when markets were closed.
The focal macroeconomic release point of the week is the UK's Consumer Price Index (CPI), scheduled for Wednesday, and employment data is expected the day before.
The financial world will closely monitor these figures, as the Pound's performance in the first half of the year was bolstered by elevated inflation, leading to expectations of prolonged rate hikes by the Bank of England (BoE).
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