October 12, 2023 – Written by John Cameron
Leave a comment STORY LINK Pound to Dollar Rate Slides from Best in Three Weeks
The Pound to Dollar (GBP/USD) exchange rate briefly posted 3-week highs just above 1.2330 on Thursday, but failed to hold the gains.
The combination of subdued UK data, mixed Bank of England rhetoric and slightly stronger-than-expected US inflation data triggered a significant reversal with GBP/USD sliding to 1.2250.
US consumer prices increased 0.4% for September, slightly above consensus forecasts of a 0.3%, with the year-on-year rate holding at 3.7% and marginally above market expectations of 3.6%.
Core prices increased 0.3% on the month with the year-on-year rate declining to 4.1% from 4.3%…
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