Forex Weekly Round Up 14/12/15 – 18/12/15
The UK’s inflation rate edged back above 0 in November for the first time in four months, a move that still leaves the rate a long way from the Bank of England’s target of 2%. Prices went up an annual 0.1% in November after falling 0.1% in October, said the Office for National Statistics. Core inflation, which excludes volatile food and energy prices, accelerated to 1.2% from 1.1%
The Pound was boosted on Thursday morning when UK retail sales rose by more than expected in November, as shops offered promotions at the end of the month in the run up to Black Friday. Sales volumes increased by 1.7% in November from the month before, the Office for National Statistics said.
Industrial production in the Eurozone rebounded in October after two months of decline, according to new figures released on Tuesday morning.
On the year, industrial production across the currency bloc was up 1.9% against a 1.3% consensus. Output from Eurozone factories, quarries and mines, jumped 0.6% in October compared with -0.3% the previous month.
We saw the US Federal Reserve raise interest rates by 0.25 percentage points, its first increase since 2006. The US central bank also raised its projection for economic growth next year from 2.3% to 2.4%, which suggests the bank does not think the rate increase will damage growth. The rate rise vote was unanimous and the bank cited as the reasons for its action increased household spending and investment by business, along with a continued low rate of inflation.
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Here are the exchange rates taken at 12:32 today. Please note that all conversions are based on interbank rates without any spreads and should be used only as a guide. For live ‘spot’ and ‘forward’ prices please feel free to drop us a line.
GBP/USD 1.4921
GBP/EUR 1.3777
USD/EUR 0.9234
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