U.S. dollar eased on Monday due to geopolitical risks and absence of support from Fed Yellen's speech. The euro also edged lower as French elections looming while British pound’s traders look forward to CPI report today. Meanwhile, the WTI crude oil gained retreated higher to another production outage in Libya.
U.K. Pound is Trading Firm, Expecting CPI Report
The British pound was trading firm on Monday and early Tuesday with mixed performance against the majors in the absence of economic data to influence the currency. In the morning, today, the U.K. CPI report will hog the limelight. The headline inflation rate surpassed BoE 2% target in February prompting the central bank to rethink a rate hike to curb it. For the month of March, it is expected to remain at 2.3%. However, some news came out during the last month keeps the door open for an inflation decline. The producer price index and the retail sales are also coming out.
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