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Pound is 0.3% from 6-Week Low Versus Euro Before Inflation Data - (Bloomberg)

Posted by Chris Advincula on Oct 14, 2013 5:31:00 AM

The pound traded 0.3 percent from a six-week low against the euro before a report tomorrow that economists said will show U.K. inflation slowed, easing pressure on Bank of England policy makers as they pledge to keep down borrowing costs.

Sterling was little changed against the dollar as talks hit an impasse on raising the U.S. debt ceiling before the government’s borrowing authority lapses. Consumer prices in the U.K. rose 2.6 percent in September from a year earlier, compared with 2.7 percent in August, according to the median of 34 economists in a Bloomberg News survey.

The pound was little changed at 84.88 pence per euro at 8:16 a.m. London time, after depreciating to 85.10 pence on Oct. 11, the weakest level since Sept. 2. Britain’s’ currency declined against the European common currency in each of the past two weeks. The pound traded at $1.5978.

Sterling declined 0.4 percent in the past week, according to Bloomberg Correlation-Weighted Indexes that track 10 developed-nation currencies. The dollar rose 0.5 percent, while the euro strengthened 0.3 percent.

U.K. government bonds opened little changed, leaving the 10-year yield at 2.72 percent.

 

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Chart: WorldWideMarkets Alpha Trader

 

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