The British pound is moving higher today in late trading, boosted by a round of mixed economic data from the US.
At 4.26pm (GMT) the Pound was trading at $US1.4243 up 0.71 percent from the end of last week.
The Core Personal Consumption Expenditures index, a leading indicator in consumer confidence from the US rose 0.1 percent against analysts’expectations for 0.2 percent rise and well down on the previous months figure of 0.3 percent.
The Personal Income index came in above expectations at 0.2 percent against a consensus of 0.1 percent although much lower than last month’s figures of 0.5 percent.
The yearly personal consumption index, which is closely connected with inflation, came in at 1.7 percent on its way towards the US Federal Reserve’s target of 2 percent, which many predict is the catalyst for further rate hikes from the US Fed.
The latest pending home sales figure was the standout release of the day hitting the market at 3.5 percent, almost 3 times the expected figure of 1.2 percent and may end up being a turning point in the US real estate market which had been on the decline for some time.
Tomorrow US Fed Chair Janet Yellen will give a speech on economic and monetary policy where investors will wait to see if she joins other board members in calling for a rate hike which some predict could come as soon as next month.
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