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GBP started to decline. Overview for 16.11.2023

16 november 2023 - Fx4News

The British pound sterling paired with the US dollar is experiencing a decline on Thursday. The current GBPUSD quote stands at 1.2391.

The UK continues to report its success in mitigating price pressure. The consumer price index decreased to 4.6% y/y in October, down from the previous 6.7%. Last month, core inflation fell to 5.7% y/y from 6.1%. The retail price index saw an even more significant drop to 6.1% y/y from 8.9%.

The input producer price index was 0.4% m/m, compared to the 0.6% estimate from a month ago. The output PPI rose by a mere 0.1% m/m, aligning with expectations.

This appears to be the exact effect the Bank of England foresaw when increasing the interest rate. The price response seems promising. It will be interesting to see the regulator's next move – whether it will see confirmation of the price reduction trend and reverse monetary policy or quietly await further declines in inflation.

Two factors worked against the pound: the recovery of the US dollar's positions and a decrease in price pressure within the country.

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