UK CPI softens in Oct, misses expectations

Dhwani Mehta FXStreet

The UK consumer prices stagnated in the month of October, ticked slightly lower to 3.0%, missing estimates of 3.1% y/y, the Office for National Statistics (ONS) revealed on Tuesday.

While the core inflation gauge steadied in Oct, coming in at +2.7 y/y. Markets had predicted the core figures to come in a tad firmer at +2.8%.

On monthly basis, the UK inflation figures decelerated slightly, coming in at 0.1% last month, as compared to 0.3% previous and expectations of 0.2%.

ONS reports, “rising prices for food and, to a lesser extent, recreational goods provided the largest upward contributions to change in the rate between September 2017 and October 2017. The upward contributions were offset by falling motor fuel and furniture prices, along with owner occupiers’ housing costs, which remained unchanged between September 2017 and October 2017, having risen a year ago.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.