Pound Advances As U.K. Inflation Data Beats Forecasts
(RTTNews) - The pound strengthened against its major counterparts in European deals on Wednesday, as the nation's consumer inflation came in higher than expectations in September.
Data from the Office for National Statistics showed that inflation held steady at 6.7 percent in September. The rate was forecast to fall to 6.6 percent.
Core inflation came in at 6.1 percent, higher than expectations of 6.0 percent but down from the August reading of 6.2 percent.
On a monthly basis, the CPI increased 0.5 percent from August's rate of 0.3 percent. The reading was in line with forecasts.
The core CPI rose 0.5 percent on the month, up from August's 0.1 percent gain. The rate matched expectations.
The pound edged up to 1.2211 against the greenback and 182.73 against the yen, off its early lows of 1.2158 and 182.05, respectively. The pound is seen finding resistance around 1.24 against the greenback and 188.00 against the yen.
The pound advanced to 0.8666 against the euro and 1.0973 against the franc, from an early low of 0.8688 and a 2-day low of 1.0940, respectively. The pound may find resistance around 0.84 against the euro and 1.14 against the franc.
At 8:15 am ET, Canada housing starts for September are scheduled for release.
U.S. building permits and housing starts for September as well as the Fed Beige book report will be released in the New York session.
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