The Sterling continued to be under pressure on Monday as mixed data once again showed its ugly head. The RICS House Price Balance showed a significant drop to minus -32%, far below the estimate of minus -11%. However the Nationwide Consumer Confidence reading was slightly better than anticipated with a mark of 61 compared to the estimate of 59. Today the U.K. will release its CPI numbers and this will be of interest to investors because inflation has been stronger than projected even as growth has been weak. The GBP has found headwinds for the past month as investors have began to ponder the cruel dynamic of lackluster growth prospects coupled with severe austerity measures and higher taxes.
Written by bforex.com
