British pound showed a slight change in positions against US dollar, right before the official report, regarding Consumer Price Index (CPI) in the United Kingdom. Economists expect a slow down in inflation rate.
British currency regained strength after almost six week low versus US dollar yesterday, after news of rising asking prices of UK houses came out on Monday. This boosted optimism that economy in United Kingdom was on the road to recovery.
GBP/USD traded at 1.5240-48 levels during early European session, erasing losses from yesterday. The pair fell to 1.5158 on May 17th, the lowest value since April 4th.
The Bank of England is expected to release minutes from this month’s policy meeting on Wednesday after setting its asset-purchase target at 375 billion pounds and the base interest rate at 0.5% on May 9th.
It was reported that pound lost 2.4% during this year and ranked second among the worst performing world currencies after Japanese yen, according to Bloomberg Correlation-Weighted Indexes.
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