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GBP Skids to March Low as Inflation Disappoints

FOREX
  • Sterling held the session's losses throughout European and US hours after lower than expected inflation numbers out of the UK for February. CPI rose by just 0.1% m/m vs. Exp. 0.5%, with soft clothing prices largely responsible. GBP/USD took out support at the $1.37 handle, hitting new March lows in the process and narrowing the gap with key support at the 1.3619 100-dma.
  • At the other end of the table, NOK traded particularly well on the oil price recovery, with WTI and Brent crude futures adding well over 5% apiece to enjoy the best session in months. The move allowed USD/NOK to undo some recent outperformance, pressuring the rate back below the 100-dma at 8.6440.
  • Central banks are again a focus Thursday, with rate decisions due from the South African, Mexican and Swiss central banks.
  • Data crossing Thursday includes weekly US jobless claims and tertiary Q4 GDP - neither of which will likely prove significant market movers.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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