Global macro overview for 13/10/2015:
Today's report on the UK consumer price index has taken the market by surprise. The inflation had been expected to stay at the same level of 0.2% m/m, but unveiled data on a -0.1% m/m fall in onsumer prices changed the overall picture dramatically. This is the first in 5 months negative reading for the index, but the majority of other inflation indicators came out in line with expectations. Nevertheless, despite the strong performance of the UK economy, the recent wage growth, and negative inflation data, any rate hikes by BoE is still out of the table.
The technical picture of GBP/USD pair looks weak as the 50%Fibo level had been rejected. The next support is seen at the level of 1.5230.
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