Currency Exchange UK

 

GBP falls against the Euro

GBP falls against the Euro

The British pound sterling fell against the Euro after it was shown that UK consumer price inflation feel more than expected in September.

This also backed-up the speculation that the UK base interest rate set by the Bank of England will remain at its historic low of 0.5 per cent for some time to come.

According to the Office for National Statistics (ONS), the CPI (consumer prices index) stayed unchanged between August and September.  This was reportedly the lowest level of change since the mid 1990s.

The Euro reached 94.10 pence after the ONS news, leading it to its highest rate since March.  The annual inflation rate is currently at 1.1 per cent which is the lowest it has been since 2004.

The US dollar fell against the Euro meaning that the price of Gold rose once again – to $1,063 an ounce.  This was once again a record high for the precious metal.