Sumary of British Pound (GBP) Price Outlook: GBP/USD Advancing After UK Inflation Data:
- GBP price, news and analysis:GBP/USD is climbing after UK inflation data for August showed the highest jump on record.
- Combined with Tuesday’s strong UK employment numbers, the inflation figures will add to the pressures on the Bank of England to taper its stimulus program and therefore to upwards pressure on GBP.
- GBP/USD rallying after strong UK inflation dataGBP/USD is edging higher again after UK inflation numbers for August showed a surge in the headline rate, taking it to 3.2% year/year: above both the previous 2.0% and the 2.9% consensus forecast of analysts polled by the news agencies.
- UK inflation dataSource: DailyFX economic calendarWith both UK employment and inflation growing faster than predicted, more members of the Bank of England’s monetary policy are likely to turn hawkish, potentially brining closer the day when the Bank will tighten UK monetary policy.