Safe haven currency pounds Sterling strengthened on Tuesday, GBP rising from three-year lows against the European union single currency and pulling further away from a five-week trough against the safe haven currency US dollar, after slightly higher than expected inflation data.
Meanwhile, Consumer price rises perfectly, up 0.6 percent in July compared with a year earlier, their biggest rise since the end of 2014. Economists in a Reuters poll had expected a 0.5 percent rise.
As reported by Reuters, factory gate prices rose at their fastest pace in over two years as the fall in sterling after the vote to leave the European Union pushed up import prices, import prices slowly rising, Data showed producer prices rose by 0.3 percent in July, compared with the same month last year, stronger than a median forecast in a Reuters poll.
Pounds Sterling hit the day's high against the dollar at $1.2994GBP=D4, up 0.8 percent, compared with $1.2937 before the data was released. It hit a five-week low of $1.2865 on Monday. Meanwhile The European union sing currency was flat on the day at 86.82 penceEURGBP=D4, having traded at 87.09 pence beforehand. The euro hit a three-year high of 87.245 pence earlier in the London session.
Source :Reuters
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