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FX round-up: Pound finds a bid in risk-off session

By Alexander Bueso

Date: Wednesday 14 Aug 2019

FX round-up: Pound finds a bid in risk-off session

(Sharecast News) - The pound was buoyed on Wednesday by a stronger-than-expected reading on July consumer prices, despite the generally risk-off mood in markets.
According to the Office for National Statistics, the year-on-year rate for harmonised consumer prices in the UK accelerated to 2.0%, comfortably exceeding the consensus for a rise to 1.8%.

As an aside, on Wednesday analysts at Barclays Research bumped up their inflation forecasts for the UK and were now anticipating core CPI consistently above Bank's 2.0% target over their forecast horizon on the back of recent weakness in Sterling and the growing likelihood of fiscal stimulus.

The Greenback was also higher, with euro/dollar down by 0.3% at 1.11338 and the US dollar spot index adding 0.18% to 97.9850.

America's dollar was also higher versus the Loonie, tacking on 0.74% to 1.33206, while the Aussie was sliding 0.75% to 0.67462.

But the strongest currency was the Japanese yen, with the US dollar falling by 0.8% to 105.8950.

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