Money News Overview Thursday 11th January 2024: The US CPI forecasted to rise

Fed Chair Powell's Testimony Keeps Markets Steady

Today, the economic market calendar is dominated by US Consumer Price Index releases.

Also in the US we have the headline US inflation figure whereby this is set to increase to 3.2 percent (+0.1% forecast). Core inflation which excludes food and energy prices, is expected to ease to 3.8 percent in December (-0.2% forecast).

Lastly in terms of data for the US, we cap of the day with the unemployment claims that are forecasted to come in at 210k which is above the market consensus of 202k.

 For the UK, the Bank of England’s comments supported the Pound yesterday. Bank of England Governor ‘Andrew Bailey’ confirmed that the outlook remained firm and holding interest rates at 5.25% will help bring inflation down to the target level of 2 percent.

UK Gross Domestic Product and Industrial Production figures are set to be released tomorrow morning. Both sets of figures are anticipated to improve from December and show the UK economy is improving.

The Pound has been trading in a tight range this week against the Euro within 0.3 percent. Against the Dollar, GBPUSD is currently at its highest level since late December.

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