The UK inflation number was expected to fall dramatically, but instead remained stubbornly high, forcing the Bank of England to raise rates a further 50 basis points. In Europe inflation had been falling dramatically, until this week’s release of German inflation numbers. The German number actually reversed course, and rose, from 6.1% to 6.4%. The ECB has continued to commit to more rate rises, and joins all other major Central Banks, with a hawkish monetary policy stance.
Current Level: 0.5595 (1.7873)
Support: 0.5550 (1.8018)
Resistance: 0.5650 (1.7700)