Pound makes tentative gains as market awaits consumer prices information
City Index February 12, 2013 2:15 PM
<p>The pound has held firm in forex trading as the market waits for the latest consumer prices data.</p>
The pound has made tentative gains in forex trading with the euro this morning (February 12th), as the market awaits the publication of the UK's consumer price data for January.
Economists anticipate this report will show the pace of inflation remained at its highest rate since May 2012 for the 31-day period, with a median estimate of 36 analysts by Bloomberg projecting consumer prices rose by 2.7 per cent year on year.
The Office for National Statistics will publish this information at 09:30 GMT today, while the Bank of England will set out its latest forecasts for growth and inflation tomorrow.
Sterling has performed badly in forex markets so far in 2013.
The pound has depreciated by 3.4 per cent, making the British currency the second-worst after the yen in terms of performance among the ten developed-market currencies tracked by Bloomberg.
At 08:50 GMT, the pound slipped against the dollar and rose versus the euro, with 1 GBP buying 1.563 USD and 1.169 EUR.
Learn about the euro and forex trading at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.