Tuesday, 22 August, 2017

British inflation rate rises to 4-year high as Brexit bites

UK central bank surprises with split decision on rate hike Interest rates stay at 0.25% but three at Bank urge rise amid inflation fears
Mae Harvey | 15 June, 2017, 02:21

In afternoon London deals, the pound climbed as high as $1.2738 following official data showing British Consumer Price Index inflation spiked to a near four-year peak of 2.9 percent in June.

The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. "The market is making a mistake in pricing in a higher rate-hike probability".

While higher interest rates raise borrowing costs, they boost the return on savings.

Meanwhile the euro briefly reached its strongest spot exchange rate against the pound since early November, at €0.8867. Inflation unexpectedly hit 2.9% in May, which was the highest level since June 2013.

The figures laid bare the squeeze on household finances as inflation outstrips wage growth, with CPI having been sent soaring as the Brexit-hit pound has pushed up the price of imported goods and energy.

By 0742 GMT, the pound had recovered 0.2 percent from Monday's closing levels in NY to trade at $1.2693, just over half a cent above Friday's intraday lows.

US consumer prices slipped 0.1 per cent in May
Medical services such as the cost of doctor's visits dipped 0.1 percent in May but have risen 2.5 percent over the past 12 months. That has led some retailers, including Macy's M.N , Sears SHLD.O and Abercrombie & Fitch ANF.N to announce shop closures.

Farm loan waiver on, protests off
Group of Ministers will also hold discussions with various political parties for a broader consensus and inclusion. If they fail, we will again agitate from July 25, farmer leader Raju Shetti told ANI .

Horizon Zero Dawn: The Frozen Wilds Story Expansion Announced
Beyond the northern mountains, the borderlands of the Banuk tribe challenge all who dare enter to survive the extremes. In terms of gameplay the trailer is a little mysterious, but we do know that it'll be coming sometime this year.

Sterling has suffered further weakness at the start of this week as investors react to the government's attempts to outline its Brexit stance after a disastrous election for Prime Minister Theresa May.

What is clear is that even should May gain the support of the DUP for confidence votes and budgets, she will struggle to legislate normally at a time when the economy badly needs fiscal and policy support. "With higher political risks, and European Union negotiations further postponed, I think the probability of a negative scenario for the British economy has increased, which will force the BOE to keep a more expansionary monetary policy for some time".

"Rising interest rates generally indicate strength in the economy and if investors agree with this perception, then it should be positive for markets", he added.

USA borrowing costs "are a reflection of the strength of the United States economy, which, as the world's largest, is important to all countries", noted Oanda analyst Craig Erlam.

Also, US Attorney-General Jeff Sessions is due to testify on Tuesday to the Senate intelligence committee as it probes Russian meddling in the 2016 election and Moscow's links to under-fire President Donald Trump.

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