The Pound Sterling to US Dollar (GBP/USD) exchange rate has trended narrowly in a positive range today; in other pairings, the Pound has mainly made marginal movement due to the day’s UK CPI figures not triggering decisive movement.
GBP/USD Exchange Rate News: UK Inflation Rate Balance See Minor Pound Gains and Losses Today
The Pound Sterling (GBP) has made slight gains against the US Dollar (GBP/USD) today, but other results have generally been in a narrow range due to the lack of support provided by the day’s most impactful UK data. The base monthly result has risen from -0.1% to 0.1%, but the annual core figure has conversely remained at -0.1%. The Core annual result, however, has exceeded expectations by rising from 1% to 1.1%.
Owing to the balanced nature of these results, the Pound Sterling has risen by over 0.3% against the Czech Koruna (GBP/CZK) and the Hungarian Forint (GBP/HUF) but fallen by more than -0.2% against the Egyptian Pound (GBP/EGP), the Norwegian Krone (GBP/NOK) and the South African Rand (GBP/ZAR).
US Dollar (USD) Steady after Poor US Economic Results Yesterday
The US Dollar (USD) has declined fractionally against the Pound Sterling (USD/GBP) today, but has risen by 0.2% against the Euro (USD/EUR) and the Swiss Franc (USD/CHF). Elsewhere, the US currency has otherwise made middling movement due to the lack of support provided by the last major US data release, the Empire Manufacturing result for November. Although it showed a small level of improvement by moving from -11.36 points to -10.74, this was worse than the -6.35 result expected and nonetheless remained in a negative position. Yesterday, however, this result failed to damage the US Dollar’s appeal to investors.
In addition to declining against the Pound (GBP), the US Dollar has also fallen by -0.3% against the South African Rand (USD/ZAR) and -0.4% against the Norwegian Krone (USD/NOK).
GBP/USD Exchange Rate Forecast: Further Inflation Rate Figures from the US due Out Today
The next input in the GBP/USD exchange rate will come from the latter side with the announcement of the US October CPI figures this afternoon. At the time of writing, forecasts were positive across the board with rises from -0.2% to 0.2% predicted for the base monthly CPI and a base annual increase from 0% to 0.1% also forecast. The monthly and yearly CPI results Excluding Food and Energy have been predicted to repeat at 0.2% and 1.9% respectively.
In addition to these US inflation rate results, later postings out today will include the positively predicted Industrial and Manufacturing Production statistics for October.
Current GBP, USD Exchange Rates
The Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5208 and the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6577 today.
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