U.K. consumer prices prices gain in September. Dollar mixed in Forex Trading. | CountingPips Forex Blog

October 14, 2008 - Forex Economic News

U.K. consumer prices prices gain in September. Dollar mixed in Forex Trading.

Consumer Prices in the U.K. increased by 0.5 percent in September according to a report released today by National Statistics. The Consumer Price Index gain of 0.5 percent change was above market forecasts which were predicting a 0.4 percent rise and follows a 0.6 percent rise in August. Compared to September of last year, consumer prices gained by 5.2 percent in September after advancing by 4.7 percent in August. Core consumer prices, UK Consumer Prices excluding food and energy prices, increased 2.2 percent on an annual basis in September following an annual increase of 2.0 percent in August. Market forecasts were predicting core inflation to register an annual increase of 2.0 percent for September. Contributing to the increased consumer prices were increases in housing services as well as gasoline and electricity.

France, Italy consumer prices.

Also released out of the European Union today were consumer price data from France and Italy. The France consumer price index released by INSEE showed a decline of 0.1 percent in Septmeber following no change in August. On an annual basis, consumer prices increased by 3.0 percent through September and followed an annual increase of 3.2 percent in August. Market forecasts were expecting no change in the monthly prices and an annual gain of 3.1 percent in consumer prices.

Italy's EU harmonized consumer price index showed a decrease of 0.3 percent in September from August according to ISTAT today. Italy's annual gain of consumer prices was 3.9 percent over September 2007 following a record high 4.2 percent annual increase in August. Contributing to the lower consumer price inflation was a decrease in the prices of food and drinks which fell to 5.7 percent in September after registering 6.2 percent in August.

Forex - Dollar higher in trading today vs. majors except Yen.

The U.S. dollar has been gaining ground in forex trading today against most of the other major currencies. The euro, pound, aussie, loonie, kiwi and the Swiss franc have all declined verses the dollar while the yen has advanced today against the American currency. The EUR/USD pair has declined slightly from today's opening rate of 1.3685 dollars per euro to trading at 1.3627 in the US trading session just after 4:30 pm ET. The GBP/USD has declined from opening at 1.7950 to trading today at 1.7732 dollars per pound.

The American buck is gaining today against the Swiss franc after a fall yesterday as the USD/CHF has advanced from 1.1305 to 1.1352 today. The dollar has gained against the Canadian loonie today after falling yesterday and trading at the exchange rate of 1.1635 after opening today(00:00 GMT) at 1.1367 loonie per dollar. The dollar has advanced against the Australian Aussie as the AUD/USD is trading at 0.6961 today and the New Zealand kiwi as the NZD/USD has fallen to the 0.6180 level today. The dollar has lost ground to the Japanese yen today after advancing yesterday. The USD/JPY has fallen from today's opening of 102.26 yen per dollar to trading at 101.86 near the end of the U.S. trading session.

USD/CAD Chart - The US dollar gains against the Canadian dollar today in forex trading(Daily Chart).

Today's Forex Chart

tags: consumer prices, forex rates, market news

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