The UK inflation data is out in `30 – Where does the GBP stand?
Hello everyone, I hope you´re haveing a wonderful morning. Our AUD/USD short term sell forex signal hit take profit overnight which made us a few pips, so that was a nice surprise to start the day with. If you follow our forex signals then you should have made a handful of pips from that signal. The USD has been on the back foot this morning but it dipped overnight just enough to hit our take profit target.
Anyway, we are waiting for some very important economic data to be released today, particularly from the UK. We have seen a few economic data releases from the UK in the last couple of week, which present the time period after the Brexit vote. If you have followed our market updates then you must know how horrible those numbers have been.
This week though is the moment of truth as the forex market gets to see the numbers for the rest of the economy. In about `30 we´ll get the UK inflation numbers. The inflation data will be annualized, but at least we can see the impact the first month after Brexit is having on the yearly inflation numbers. The GBP doesn´t look very keen for this release, since it is benefiting the least from the USD weakness this morning, compared to other forex majors.
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