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12/5/2008 − the current market sentiment
Mon, May 12 2008, 13:13 GMT
by Walid Salah El Din
The British pound has found support today from the PPI output increases of April which reached 7.5%. The consensus was just 6.5% and also the core UK PPI figure has increased by 4.5% y/y and 1% m/m above the market expectations of 3.2% y/y/ and .3% m/m.
The data shows an increased inflation pressure at the producing level which should be transferred to the consumers later putting pressure on the BOE to stand holding the interest rate unchanged further or at least ease by a gradual careful way. By god's will, tomorrow we wait for the release of the UK CPI of April which is expected to surge by 2.6% y/y and .5% m/m and later this week for the most waited BOE quarterly inflation report and the release of UK Labor report of April.
The market is waiting to watch this week April US retails sales and CPI data. Also we have the TICS data of March and from the housing market, the US housing starts which are expected to come lower to 940k from 947k in March and the building permits to decline to 920k from 928k in March.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
Published on Mon, May 12 2008, 13:14 GMT
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