The pound is diving

The
British pound is tumbling after inflation rose less than expected.

The currency is down by 0.6% at 1.3258 against the dollar as of 7:31 a.m. ET.

Data from the Office for National Statistics showed that consumer prices in the UK rose only 0.6% year-over-year in August, below expectations of 0.7%.

Meanwhile, PPI input rose by just 0.2%, below expectations of 0.6%.

As for the rest of the world, here’s the scoreboard as of 7:44 a.m. ET.

  • The euro is little changed at 1.1237 against the dollar after Germany’s ZEW survey reading held at 0.5 in September. The “current ambiguity of economic impulses from Germany and abroad means that forecasts for the next few months are difficult,” Professor Achim Wambach, the ZEW president, wrote. Separately, German and Spanish CPI came in line with expectations.
  • The Russian ruble is down by 0.2% at 64.6978 per dollar as Brent crude oil prices are down by 1.8% at $47.43 per barrel.
  • The Japanese yen is down by 0.4% at 102.28 per dollar
  • The Australian dollar is down 0.6% at .7524 per dollar.
  • The US dollar index is up by 0.2% at 95.31.

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