Daily Update - 19th July 2018
The Pound slumped against the US Dollar and Euro Wednesday after official data showed UK inflation surprising on the downside in June, prompting fresh questions about whether the Bank of England will be able to raise its interest rate in August. UK inflation held steady at 2.4% in June when economists had been looking for the consumer price index to rise to 2.6%, given a double-digit increase in oil prices this year, which has raised the cost of fuel and energy. Core inflation, which removes volatile food and energy items from the goods basket and so is seen as a more reliable measure of domestically generated inflation pressures, also posted a surprise fall when it dropped from 2.1% to 1.9%. U.S. new-home groundbreaking and permits fell in June to the slowest paces in nine months, as higher mortgage rates and elevated costs for labor and materials pinch the housing market, government figures showed Wednesday. Today Australia will release its Unemployment Rate & Employment Change reports which will be a key indicator of the Job Sector of the Australia. United Kingdom will release their Retail Sales reports followed by the Bi-Weekly Initial Jobless Claims report from US giving us a clear indication on their current Job Sector Growth.Yesterday’s Market
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