Forex Today: UK inflation data support Pound Sterling, US Dollar consolidates before Fedspeak
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The UK's Office for National Statistics reported that annual inflation, as measured by the change in the Consumer Price Index (CPI), edged lower to 3.2% in March from 3.4% in February. Additionally, core CPI rose 4.2% in the same period. Both of these readings came in above analysts' estimates and helped Pound Sterling gather strength. US Dollar consolidates before Federal Reserve (Fed) policymakers deliver speeches on Wednesday. The benchmark 10-year US Treasury bond yield moves sideways above 4.65% and US stock index futures trade marginally lower. The data from New Zealand showed that the CPI rose 4% on a yearly basis in the first quarter, down sharply from the 4.7% increase recorded in the previous quarter. The USD/JPY pair touched a multi-decade high near 154.80 on Tuesday and retreated slightly in the Asian session.
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