Mark Shawzin - The pound edged higher against the U.S. dollar on Tuesday, after data showed that U.K. consumer prices rose in line with expectations last month, while sentiment on the greenback remained vulnerable ahead of the Federal Reserve's policy statement this week.
GBP/USD hit 1.5457 during European morning trade, the session high; the pair subsequently consolidated at 1.5451, adding 0.16%.Cable was likely to find support at 1.5335, the low of September 10 and resistance at 1.5507, the high of August 27.The U.K. Office for National Statistics reported on Tuesday that the consumer price index rose 0.2% last month, in line with expectations, after a 0.2% fall in July.
Year-on-year, U.K. consumer prices were flat in August, in line with expectations and following a 0.1% downtick the previous month.Core CPI, which excludes food, energy, alcohol and tobacco, rose at an annualized rate of 1.0% in August, as expected, after a 1.2% rise the previous month.
Meanwhile, investors remained cautious amid concerns that mixed U.S. economic reports and recent volatility in global financial markets will prompt the U.S. central bank to refrain from hiking interest rates on Thursday.
Fed Chair Janet Yellen has said that an interest rate increase is data dependent but has also indicated that she expects to begin raising rates before the end of the year.Sterling was also higher against the euro, with EUR/GBP shedding 0.26% to 0.7316.
Read More : investing.com
GBP/USD hit 1.5457 during European morning trade, the session high; the pair subsequently consolidated at 1.5451, adding 0.16%.Cable was likely to find support at 1.5335, the low of September 10 and resistance at 1.5507, the high of August 27.The U.K. Office for National Statistics reported on Tuesday that the consumer price index rose 0.2% last month, in line with expectations, after a 0.2% fall in July.
Year-on-year, U.K. consumer prices were flat in August, in line with expectations and following a 0.1% downtick the previous month.Core CPI, which excludes food, energy, alcohol and tobacco, rose at an annualized rate of 1.0% in August, as expected, after a 1.2% rise the previous month.
Meanwhile, investors remained cautious amid concerns that mixed U.S. economic reports and recent volatility in global financial markets will prompt the U.S. central bank to refrain from hiking interest rates on Thursday.
Fed Chair Janet Yellen has said that an interest rate increase is data dependent but has also indicated that she expects to begin raising rates before the end of the year.Sterling was also higher against the euro, with EUR/GBP shedding 0.26% to 0.7316.
Read More : investing.com
