Forex News – GBP/USD gives up gains made after jump in Consumer Price Index

May 17, 2011 - PRLog -- InvestTechFX reports that the GBP/USD pulled back from 1.6303, the pair’s highest since Friday to hit 1.6211 during early U.S. trading session, up just 0.13% on the day.

The Cable, referring to the exchange rate between the U.S. dollar and the British pound sterling, was likely to find support at 1.6145, Friday’s low and a five-week low and resistance at 1.6379, last Thursday’s high. InvestTechFX is a No Dealing Desk (NDD) and Straight Through Processing (STP) Forex company offering an industry leading ½ pip on all 6 majors while trading with the MT4 platform. InvestTechFX recently reduced their fixed spreads from 0.5 PIP to 0.2 PIP for 3 majors. When customers open an account with a deposit of $5000.00 they can receive leverage of up to 1:500

The Office for National Statistics said consumer prices rose 1.0% in April 2011, taking the annual inflation rate to 4.5%, the highest since October 2008. Analysts had expected the annual rate to rise to 4.2% after a surprise dip to 4.0% in March 2011.

Core inflation, which excludes volatile items such as food and fuel, rose to 3.7%, the highest annual rate on record.

Following the report, Bank of England Governor warned that trying to bring inflation back to the bank’s targeted 2% rate too quickly would risk harming the economy and undershooting the target in the medium term.

Meanwhile, the pound was fractionally lower against the Euro, with EUR/GBP slightly moving up 0.02% to hit the mark of 0.8745.

Also Tuesday, U.S. government data showed that construction of homes and apartments declined unexpectedly in April 2011 while the number of building permits issued fell more-than-expected.

A separate report showed that industrial production in the U.S. was unexpectedly flat last month as well. InvestTechFX software solutions deals with the Forex Market offering specialized Money Manager, IB and White Label services as well as many benefits including ½ pip fixed spreads, leverage ranging from 1:100 to 1:500 to permit the use of scalping, hedging options and Expert Advisors.

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It is important to keep updating yourself with the different economic trends in the international scene. After all, this currency market is greatly affected by the events that occur in the different countries and their respective economies. Familiarizing yourself with the factors that affect the FOREX market will surely help you make better decisions. For more information please visit www.investtechfx.com.