Yahoo Finance Market Snapshot – UK Inflation Data Disappoints
Stock Markets Buoyed
The stock markets continued to trade in a buoyed manner as the dovishness of the various central banks have begun to have an effect on the markets and have led the stocks higher. This is in line with what we have been saying over the last couple of months where we have predicted the rise in the stock markets as the major central banks around the world bring to an end their rate cut cycle and begin their rate hike cycle once again. This is likely to last for the medium term and thats why we believe that any kind of correction in the stock markets should be viewed as an opportunity to go long on them.
UK Inflation Data Comes in Weaker
The PPI data was released from the US and it came in at a stronger reading than what was expected. On the other hand, the inflation data from the UK came in weaker than expected and this hit the beleaguered pound hard as it fell through the 1.31 region once again and tested the 1.3060 again as well. It has since bounced from that region and trades above 1.31 as of this writing but the combination of domestic political issues and the worsening economic data is likely to continue to keep the pound under pressure in the medium term.
This article was originally posted on FX Empire
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