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Pound Little Changed vs Dollar Before U.K. Inflation Report - (Bloomberg)

Posted by Chris Advincula on Oct 15, 2013 4:12:00 AM

The pound was little changed versus the dollar and euro before a report that economists said will show U.K. inflation slowed last month.

Consumer prices 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. Separate data will show a gauge of home prices increased in August from a year earlier, another Bloomberg survey of analysts showed.

The pound traded at $1.5981 as of 7:52 a.m. London time after sliding to $1.5914 pence on Oct. 10, the lowest since Sept. 18. The U.K. currency was at 84.89 pence per euro after depreciating to 85.10 pence on Oct. 11, the weakest level since Sept. 2.

Sterling appreciated 2.7 percent in the past three months, the best performer after New Zealand’s dollar among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The euro strengthened 0.5 percent, while the U.S. dollar slid 3.6 percent.

Home prices in the U.K. increased 3.4 percent in August from a year earlier, after climbing 3.3 percent the previous month, according to a separate Bloomberg survey of economists before the data is released today.

U.K. government bonds lost 3.3 percent this year through yesterday, according to Bloomberg World Bond Indexes. Treasuries fell 2.6 percent and German securities dropped 2 percent. 

 

gbp.10.15.4am resized 600

Chart: WorldWideMarkets Alpha Trader

 

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