Forex - GBP/USD trims losses after weak U.K. inflation data
Investing.com
Published Apr 12, 2011 10:31AM ET
GBP/USD retreated from 1.6228, the pair’s lowest since April 4, to hit 1.6293 during U.S. morning trade, still down 0.30% on the day.
Cable was likely to find support at 1.6090, the low of April 5 and resistance at 1.6425, Tuesday’s high and a 15-month high.
Earlier in the day, the Office for National Statistics said consumer price inflation rose by 4.0% last month, its lowest annual rate of increase since January and the first fall in the CPI rate since July last year.
Analysts had expected the annual rate to hold steady at 4.4%, a 28-month high reached in February.
A separate report said that Britain's trade deficit unexpectedly narrowed in February to its smallest since February 2010 at GB6.7 billion. Economists had forecast a deficit of GBP8.1 billion.
The pound was also lower against the euro, with EUR/GBP surging 0.75% to hit 0.8897.
Also Tuesday, U.K. industry data showed that retail sales fell at their fastest annual pace in nearly six years and house prices slipped in March.
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Written By: Investing.com
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