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      Nikita Kapoore•

      GBP drops against USD, Euro on hot inflation data

      2 min read

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      Opening an account with Currency Solutions is completely free and you’ll be able to make currency transfers anytime at our excellent exchange rates.

      Daily Forex Report 19-Oct-2022: GBP drops against USD, euro on hot inflation data

      But EUR/USD is also in a downtrend in lead up to today’s EU inflation announcement

      UK inflation came in hotter than expected at 10.1%, all but ensuring heavy-handed rates rises in November.

      The GBP/USD pair was already slipping in the build up to the announcement, and the one-hour chart suggests the downtrend could be extended during the Asia market hours.

      For now, Sterling is changing hands at US$1.13.

      Hot inflation data could send the pound below US$1.13 in Wednesday’s session – Capital.com Hot inflation data could send the pound below US$1.13 in Wednesday’s session – Capital.com

      Hot inflation data could send the pound below US$1.13 in Wednesday’s session – Capital.com

      EU Inflation data is due to be announced at 10.00am, with consensus estimating double-digits for the second time ever.

      In the lead up, the EUR/USD pair is trending downwards on the one-hour chart, with the exchange rate remaining under parity at US$0.98.

      The EUR/GBP shot up over 20 pips the second after the UK announced its hot inflation data, bringing the pair to 87p.

      The euro is also trending positively against the Swiss franc.

      The Japanese yen continues to fall against the entire G10 set, with the USD/JPY pair at fresh 30-year highs of 149.35 yen.

      Official intervention from the dovish Bank of Japan is likely at the 150-yen price point.

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