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GBP/USD steady above 1.27 as important UK inflation data looms
The GBP/USD is holding ground above 1.2700 so far today ahead of the some potentially very important UK data due in around 15 minutes from now, at 6am GMT. That is the UK May CPI and RPI inflation reports. The markets expect the annualised readings on Consumer and retail prices to have fallen back last month. The core CPI rate is forecast to come in at 3.5% from 3.9%. The headline number is forecast to fall to 2% from 2.3%. The annualised headline rate of RPI is forecast to fall to 3.1% from 3.3%. An update will follow here as soon as possible after the data is released and what impact it might be having on the Pound. Meantime, the GBP/USD has held a tight range so far today (1.2700-1.2714). It closed in the US last night at 1.2709 and it is currently trading at 1.2710
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