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Pound Sterling Exchange Rates Jump on Soft Brexit Possibilities

Pound Sterling Exchange Rates Jump on Soft Brexit Possibilities

Core consumer prices in the U.S. (a reading that excludes food and energy) increased by 1.8% year-on-year in December, up from the previous period's 1.7% print and market forecast of 1.7%.

Sterling rose by more than a 1 per cent to reach $1.3691 on Friday, its highest level since 24 June 2016, when the currency plummeted following the vote to leave the EU. Interesting times for anyone now holding Sterling.

America's December inflation readings were released today, with the core measure notably rising.

After slumping in 2016, the pound past year had its best performance in a decade as Britain made some progress on negotiating its exit from the European Union and economic data came in better than expected.

The year-on-year core inflation rate (excluding food and energy prices) increased by 1.8% year-on-year in December, beating November's 1.7% print and the market expectations of 1.7%.

"We're in a pretty good situation: the economy is doing great, everyone expects us to raise rates gradually... and if the data changes we can respond to that".

The Home Depot, Inc. (NYSE:HD) Achieve New Highs
State Board of Administration of Florida Retirement System raised its stake in shares of Home Depot by 0.3% in the 3rd quarter. The home improvement retailer reported $1.60 EPS for the quarter, beating the Zacks' consensus estimate of $1.58 by $0.02.

Looking ahead, there is no United Kingdom data set for release on Monday, although markets may be interested in an after-session speech by Bank of England (BoE) economist Silvana Tenreyro, who will be speaking at a productivity event in London.

A fresh uptick in inflation could provoke some marked volatility for the GBP/USD exchange rate, though.

Political developments in the US could boost the GBP/USD exchange rate, particularly if the Trump administration continues to entrench its protectionist mind-set.

Commentary from various Fed policymakers will also be in focus in the near term, with markets still weighing up the odds of the central bank taking a more aggressive pace of monetary tightening.

With the odds of further monetary tightening in the USA in the near-term climbing sharply, the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has raced higher.

However, any suggestions that an increasing proportion of the Federal Open Market Committee (FOMC) favour three or more interest rate hikes over the course of 2018 could see Dollars exchange rates rally strongly.


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