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The Pound falls on profit taking
Published: 18 Jul at 8 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, Inflation,
The pound fell against the majority of the 16 most actively traded currencies in the foreign exchange market yesterday on the latest round of profit taking on an otherwise quiet news day.
The only significant data out yesterday was from the euro zone where Eurostat confirmed that the rate of inflation in the euro zone remains well below the target set by the European Central Bank (ECB) for the ninth month in a row in June.
The Eurostat data showed that the final reading of the consumer price index (CPI) inflation in the euro zone registered a rise of just 0.5% in June.
The ECB's target is for an increase in prices of just below 2%.
The ECB last took measures in June to try and stop the risk of deflation but only at the beginning of this week, the International Monetary Fund (IMF) warned that the euro zone is weak and risks falling into a deflationary spiral.
The IMF report stated that "The recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing and substantial reductions in debt and unemployment".
The Pound continues to trade close to the 23 month high registered yesterday against the Euro and the 6 year high against the US Dollar but gave up a fraction of these gains in trading in the foreign exchange market yesterday.
The only significant data out yesterday was from the euro zone where Eurostat confirmed that the rate of inflation in the euro zone remains well below the target set by the European Central Bank (ECB) for the ninth month in a row in June.
The Eurostat data showed that the final reading of the consumer price index (CPI) inflation in the euro zone registered a rise of just 0.5% in June.
The ECB's target is for an increase in prices of just below 2%.
The ECB last took measures in June to try and stop the risk of deflation but only at the beginning of this week, the International Monetary Fund (IMF) warned that the euro zone is weak and risks falling into a deflationary spiral.
The IMF report stated that "The recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing and substantial reductions in debt and unemployment".
The Pound continues to trade close to the 23 month high registered yesterday against the Euro and the 6 year high against the US Dollar but gave up a fraction of these gains in trading in the foreign exchange market yesterday.
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Source: moneytransfer.co.uk