European Session – Sterling soars on upside surprise to UK CPI, dollar up after US housing starts jump
Posted on August 18, 2015 at 1:40 pm GMTThe British pound was the strongest performer out of the major currencies today in the wake of better-than-expected UK inflation data. The consumer price index (CPI) in the UK rose to an annual rate of 0.1% in July, surprising markets that expected it to remain unchanged at 0%. The month-on-month rate fell 0.2% but it was less than the expected 0.3% fall that was forecast. The data today improved market expectations for a Bank of England rate hike to come [..]