Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The GBP/CHF currency pair was mostly flat during early European session on Wednesday, after data showed annual headline inflation in the UK remained stable in August and ahead of the outcome of the Bank of England’s policy meeting.

Annual inflation rate in the UK remained steady at 2.2% in August, data by the Office for National Statistics showed, in line with market consensus.

The biggest upward pressure came from air fares, which rose 11.9% YoY, and cost of recreation and culture, up 4% YoY.

Also, services inflation, which is closely monitored by the Bank of England, picked up to 5.6% in August from 5.2% in July.

The BoE had projected annual inflation rate of 2.4% in August before an acceleration to around 2.75% by year-end.

UK’s annual core CPI inflation, which excludes volatile categories such as food and energy, accelerated to 3.6% in August, the highest rate since April, from 3.3% in July.

The Bank of England is expected to keep its benchmark interest rate without change at 5% at its September policy meeting.

The BoE cut its bank rate by 25 basis points to 5% in August, but said it would move cautiously in easing monetary policy further until the Monetary Policy Council was more certain that inflation would remain subdued.

August’s decision was “finely balanced”, as four MPC members opted to keep borrowing costs on hold.

In the meantime, CHF traders will be also paying attention to Swiss trade data for August due out on Thursday.

As of 7:04 GMT on Wednesday the GBP/CHF currency pair was inching down 0.02% to trade at 1.1142.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.3129-1.3240. The pair closed at 1.3172, down 0.15% on a daily basis, while extending losses from Wednesday.On Thursday US dollar was put under pressure, as it became clear US economy […]
  • Forex Market: EUR/USD daily trading forecastForex Market: EUR/USD daily trading forecast Friday’s trade saw EUR/USD within the range of 1.1253-1.1349. The pair closed at 1.1340, soaring 0.53% on a daily basis and marking a sixth consecutive trading day of gains. The daily high has also been the highest level since August 27th, […]
  • Spot Gold heads for first loss in 4 weeks ahead of US NFP dataSpot Gold heads for first loss in 4 weeks ahead of US NFP data Spot Gold looked set to register its first weekly decline in four weeks and did not demonstrate any sizable movement on Friday, as investor focus now sets on the key US employment figures for October.The yellow metal has retreated […]
  • AUD/USD on negative territory ahead of Fed policy decisionAUD/USD on negative territory ahead of Fed policy decision Australian dollar traded lower against its US counterpart on Wednesday, as investors awaited the outcome of Federal Reserves monthly meeting later in the day.AUD/USD fell to a session low at 0.9335 at 0:40 GMT, after which consolidation […]
  • Forex Market: EUR/GBP daily trading forecastForex Market: EUR/GBP daily trading forecast Friday’s trade saw EUR/GBP within the range of 0.7781-0.7828. The pair closed at 0.7811, losing 0.05% on a daily basis.At 7:45 GMT today EUR/GBP was up 0.09% for the day to trade at 0.7821. The pair touched a daily high at 0.7825 at 6:10 […]
  • General Motors share price up, recalls 155 000 vehicles in IndiaGeneral Motors share price up, recalls 155 000 vehicles in India General Motors Co announced on Monday it will recall 155 000 Chevrolet vehicles in India starting next week to fix a faulty wiring in a remote keyless entry part.The recall, the companys biggest in the country, will cover the Chevrolet […]