The Pound Sterling (GBP) finds offers while attempting to extend recovery as investors see no change in the current policy divergence between the Fede
Daily Digest Market Movers: Pound Sterling remains weak amid risk-off mood
A pause in the rate-tightening spell is going to provide relief to households that were facing trouble in augmenting their installment obligations due to higher interest rates. On annual terms, the headline CPI softened to 6.7% vs. July’s reading of 6.8%. The core CPI that excludes volatile food and oil prices softened significantly to 6.2% against the estimates of 6.8% and the 6.9% figure recorded in July.
Meanwhile, the UK’s Office for National Statistics has reported slightly weaker Retail Sales for August. On a monthly basis, consumer spending rose by 0.4% vs. expectations of 0.5%. In July, Retail Sales contracted by 1.1%. While the economic data excluding fuel prices matched expectations at 0.6%. is only marginally above the six-month low around 1.2200. The asset has stabilized below all short-to-long-term daily Exponential Moving Averages . Momentum oscillators support further weakness in the Cable.The Pound Sterling is the oldest currency in the world and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data.
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