Wed, July 18, 2018
Sterling fell to its weakest level in 10 months as U.K. inflation unexpectedly held steady, making many analyses cautious on the case for an imminent rate hike.
Consumer prices rose 2.4% in June from the previous year, less than the 2.6% expected. This has increases the feeling that the BOE will increase the benchmark rate.
Sterling is caught in a battle between expectations that the central bank will tighten and political turmoil that has surrounded Theresa May’s government.
There could be further political risk as May faces the weekly questions in the Commons. This will be followed by the resignation speech of former Foreign Secretary Boris Johnson, who quit last week over May’s Brexit strategy.
Sterling fell as much as 0.9% to $1.3024 against the dollar, the lowest since September 2017. It weakened 0.3% to 1.1205 against the Euro.
Data to look out today.
14:00 USD Fed Chairman Powell appears before House panel.
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| Day | Time | Currency | Event |
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| WED | 08:30 | GBP | GBP CPIH (YoY) | WED | 08:30 | GBP | GBP Consumer Price Index (MoM) | WED | 08:30 | GBP | GBP Consumer Price Index (YoY) | WED | 08:30 | GBP | GBP Core Consumer Price Index (YoY) | WED | 08:30 | GBP | GBP Retail Price Index | WED | 08:30 | GBP | GBP Retail Price Index (MoM) | WED | 08:30 | GBP | GBP Retail Price Index (YoY) | WED | 08:30 | GBP | GBP Retail Price Index Ex Mort Int.Payments (YoY) | WED | 08:30 | GBP | GBP Producer Price Index Input n.s.a. (MoM) | WED | 08:30 | GBP | GBP Producer Price Index Input n.s.a. (YoY) | WED | 08:30 | GBP | GBP Producer Price Index Output n.s.a. (MoM) | WED | 08:30 | GBP | GBP Producer Price Index Output n.s.a. (YoY) | WED | 08:30 | GBP | GBP Producer Price Index Output Core n.s.a. (MoM) | WED | 08:30 | GBP | GBP Producer Price Index Output Core n.s.a. (YoY) | WED | 08:30 | GBP | GBP House Price Index (YoY) | WED | 09:00 | EUR | EUR Euro-Zone Construction Output s.a. (MoM) | WED | 09:00 | EUR | EUR Euro-Zone Construction Output w.d.a. (YoY) | WED | 09:00 | EUR | EUR Euro-Zone Consumer Price Index Core (YoY) | WED | 09:00 | EUR | EUR Euro-Zone Consumer Price Index (YoY) | WED | 09:00 | EUR | EUR Euro-Zone Consumer Price Index (MoM) | WED | 11:00 | USD | USD MBA Mortgage Applications | WED | 12:30 | USD | USD Housing Starts | WED | 12:30 | USD | USD Housing Starts (MoM) | WED | 12:30 | USD | USD Building Permits | WED | 12:30 | USD | USD Building Permits (MoM) | WED | 14:00 | USD | USD Fed Chairman Powell Appears Before House Panel | WED | 14:30 | USD | USD DOE U.S. Crude Oil Inventories | WED | 14:30 | USD | USD DOE Cushing OK Crude Inventory | WED | 14:30 | USD | USD DOE U.S. Gasoline Inventories | WED | 14:30 | USD | USD DOE U.S. Distillate Inventory | WED | 18:00 | USD | USD U.S. Federal Reserve Releases Beige Book |
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*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
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