UK CPI 1.9% y/y in January vs. 2.0% in Dec.
UK CPI Falls Below BoE's 2.0% Inflation Target For First Time Since 2009
British Pound Fell Against the US Dollar After CPI Print
Get Real-Time Feedback on Your Trades with DailyFx on Demand!
The British Pound extended yesterday's decline against the US Dollar after a disappointing set of inflation data. The benchmark year-on-year inflation rate slowed to 1.9 percent missing estimates calling for an increase of 2.0 percent, and is the first time since November 2009 to fall back below the Bank of England's 2.0 percent inflation target. Consumer prices fell 0.6 percent in January and core CPI slowed to 1.6 percent from 1.7 percent in December. The set of disappointing inflation data comes after the recent strong recovery in the U.K. boosted market speculation for an early rate hike.
GBP/USD 1-Minute Chart. February 18, 2014