Forex: Mixed UK Data boosts the Sterling

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The consumer price index and retail price figures for the month of February have been announced in United Kingdom by the National Statistics agency. The announced rate of 0.7% (month on month basis), was close to the market’s expectation of 0.6 % and higher than the previous month’s 0.1%. Similarly the retail price index figure of 1.0% deviated positively by 0.3 percentiles than what the market expected. The public sector net borrowing however was twice as worse as expected as the net borrowings for February rose to £10.280billion as opposed to the £5.700 billion forecasted. The previous net borrowings figure was £-6.305billion.

Upon the announcement at 9:30 GMT the Sterling made gains over both the Euro and the US Dollar, despite the weak data for the Public Net Debt. The GBDUSD gained 26 pips while the EURGBP 13 pips within 2 minutes. The GBPUSD pair currently traded at 1.6372 is following an uptrend and continues to record new session highs while he EUROGBP pair, currently traded at 0.8688 is following a downtrend with the session’s low being constantly updated.