The U.K. pound remained at bargain levels for U.S. importers despite the greenback's pulling away from broader multiyear peaks. Sterling stuck below $1.50 and not far from five-year lows after area inflation deteriorated…
The U.K. pound remained at bargain levels for U.S. importers despite the greenback's pulling away from broader multiyear peaks. Sterling stuck below $1.50 and not far from five-year lows after area inflation deteriorated to a reading of zero for last month which marked a new record low. Inflation was forecast to hold a speck above zero (0.1 percent) in the latest period after its anemic 0.3 percent reading in Jan.
U.K. inflation now appears at imminent risk of tipping below zero and thus further away from the Bank of England's 2 percent goal. From a central bank policy perspective, at best U.K. interest rates appear destined for a longer period of low levels.
At worst, today's poor inflation data nudge the door open a little wider to the prospect of a rate cut as the next move.
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