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    Forex News from New Forex: Pound hit a 2-month low

    The pound sterling tumbled a 2-month low against the US dollar in the trading on Tuesday, June 14. The inflation rate in the UK remained without changes in May, the possibility of the Brexit stifles growth in the country. According to the latest data, the number of people supporting the Brexit exceeds the number of citizens standing for maintenance of membership in the Eurozone.

    The consumer price index is at 0.3% in May with the forecast 0.4%. The core inflation excluding energy and food costs remained at 1.2%. The producer price index dropped from 0.3% in April to 0.1% in May. The growth of fuel prices rendered support to inflation, in comparison with the last year (1.9%) the rise this year is 2.7%. However, the fall of food prices by 0.4% and clothes by 0.2% in comparison with a 0.5% gain last year stunted the growth of inflation.

    The currency instrument pound/dollar edged down to 0.99% to 1.4126, euro/pound stands at 0.7933 (-0.29%).

    The meeting of the Bank of England is planned this week and it is highly likely that the interest rate will stay on a record low level 0.5% till the end of this year.

    NewForex Analyst

    Michael Butnitsky


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