GBP/USD recap for 15.09.2015
Boy, oh boy, we saw some choppy moves from the Pound on Tuesday as the price dropped 123 pips from its top from 1.54564 which is around as I mentioned a strong sell zone around 1.54761. We had ton of inflation data coming out from the Island and all were disappointing. CPI was flat at 0.0%, PPI input went negative from -2.3% forecast to -2.4% actual (as previous revised -1.2%), CORE CPI showed flat figures at 1.0% from forecast of 1.0% (1.2% for the previous period), HPI came in 5.2% from forecast of 6.2% and previous 5.7% and PPI output was also negative at -0.4% from forecast at -0.2% as previous at -0.1%. The price opened at 1.54245 and went up for about 30 pips. At first the negative inflation data actually boosted somewhat the risk appetite in the Sterling then all came crashing-in. In the end, the price closed at 1.53285. This was a strong push down and now the Average Earnings Index will play a role after its results whether or not, the price will continue its fall to 1.52565 or bounce up to 1.54761 again.