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Released: UK CPI, German GBP, US Retail Sales

Written by Andrew Isbister on February 16th, 2011.      0 comments

3:30 PM (NZT) 16 Feb. Released overnight: UK CPI, German GDP, US Retail Sales.
UK CPI year on year is running at 4%, as per market expectation. The Bank of England (BoE) open “Inflation Letter” to the  UK Chancellor, also released overnight, contained comments that again point to the possibility the BoE may raise their official interest rate sooner than expected a month or so ago. Some analysts are now picking as soon as May. Continued speculation of an interest rate hike, continues to be supportive for the GBP. In Euro zone German Preliminary GDP quarter on quarter comparison came in softer than expectations, at .4% vs. .5%. In the US core retail sales month on month comparison came in below expectation at .3% vs. .6%. The poor retail sales number has partly been blamed on bad weather in the US.
 
So what has been the impact of these numbers?
EURO USD remains virtually unchanged from Fridays close. Current level 1.3533
GBP USD has had another topside push, up now approximately 1% in the last 24 hours. Current level 1.6157
 

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