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GBP/USD dollar recovers after inflation reading

Arron Morris Currency Broker - GBP/USD dollar recovers after inflation readingWritten by
Arron Morris
Senior Currency Broker
T: 01442 892 065

The pound suffered this morning after the latest inflation reading from the Office for National Statistics. As you can see from the graph below the GBP/USD cross dropped suddenly after it was confirmed the UK inflation figure had risen to 2.7%.

With little sign of an interest rate hike from the Bank of England and concerns wage growth will not keep pace with rising prices, the pound lost ground across the board.

GBP/USD exchange rate graph

However, the currency pair has recovered around half of its losses as markets grow increasing concerned about President Trump.

The latest media reports suggest Trump disclosed highly sensitive information during a meeting with the Russian foreign minister last week.

These reports are just the latest to put Trump in the firing line, and while it continues the dollar looks likely to suffer.

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Arron Morris
Senior Currency Broker
T: 01442 892 065

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