UK POUND SLIDES BELOW $1.27 IN REACTION TO DOWNBEAT INFLATION DATA

Published on Dec 20, 2023 13:11

UK pound fell sharply on Wednesday and slipped below $1.27 mark in immediate reaction to data that showed lower than expected inflation data. Consumer Price Index in Britain came at 3.9% over the year in November, down from a 4.6% rise seen in October and less than 4.3% expected, according to the latest data published by the Office for National Statistics (ONS). The Core CPI (excluding volatile food and energy items) rose 5.1% on year in November when compared to a 5.7% growth in October and below expectations of 5.6%. On monthly basis, consumer price index dropped 0.2% in November vs. the expected 0.1% increase. GBPUSD is currently quoting at $1.2668, down around half a percent on the day. Meanwhile, on the NSE futures, GBPINR gave up intraday gains and dipped into negative terrain to 105.27, down 0.35% on the day.