Pound on the rampage :: Global Reach Group

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Pound on the rampage

Today's markets

AUD - Employment Change: 54.2K
USD - CPI m/m: 0.4%
USD - Unemployment Claims: 284K

Sterling was on the rampage today after a hawkish Bank of England announcement. The central bank cited higher inflation as a reason to raise interest rates in the “coming months”. A statement that sent the pound surging against the majority of its counter parties. Interest rates however, remain on hold at 0.25% and the policy vote was as expected at 7-2. The hawkish tone helped the Pound climb over 1% against the Euro and Dollar this afternoon.

Across the pond, the US released a key reading of inflation. US CPI registered a better than expected 0.4%, against forecasts of 0.3%. The rise in prices adds further fuel to the fire for the Federal Reserve to raise interest rates this year. Unemployment claims also posted a better than expected figure at 284k.

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Global Reach Group Limited (company number 09907831) is the holding company of Global Reach Partners Limited (company number 04344764), Global Reach Markets Limited (company number 07026070) and Foreign Currency Exchange Limited (company number 5452483). All companies are registered in England with their registered office at 2nd Floor, Woolgate Exchange, 25 Basinghall Street, London, EC2V 5HA. Global Reach Partners Limited is authorised by the Financial Conduct Authority (FCA) as an Authorised Payments Institution (FRN 504315). Global Reach Markets Limited is authorised and regulated by the FCA as an investment firm (FRN 526549). Foreign Currency Exchange Limited is authorised by the FCA as an Authorised Electronic Money Institution (FRN 900205).