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Pound Volatile on Inflation Data

November 20, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas releases market commentary from Milad Azar Market Analyst at XTB MENA.

The British Pound was volatile today and reacted to the release of inflation data earlier today. October's consumer inflation rose by 2.3%, surging above expectations. Core inflation, which excludes volatile items such as food and energy, climbed to 3.3%, reflecting ongoing inflationary pressures, particularly in services and housing, which grew by 7.4% year-on-year. Food prices showed stability, rising by 1.9%, indicating that essential goods are maintaining their price levels. In contrast, the producer price index (PPI) showed a 2.3% decline in industrial input costs and a 0.8% drop in factory output prices. A slight monthly uptick in input prices, however, suggests a potential shift.

Persistent inflation could reinforce the expectation of a gradual approach by the Bank of England to interest rate adjustments, which has led to an increase in UK yields and further support for the Pound's upward momentum. Looking ahead, market participants will focus on Friday's retail sales and PMI data to better gauge the resilience of the UK economy, while geopolitical tensions, especially between Ukraine and Russia, may support safe-haven assets like the US dollar, potentially limiting further gains for the Pound.

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