- National Australia Bank Business Confidence dropped to 5 in September from 7 in August
- Inflation in UK dropped more than economist expected, 1.2% reported vs 1.4% expected and 1.5% previously
- German ZEW Economic Sentiment below 0 first time since December 2012. -3.6 reported for October
- Industrial Production fell by 1.8% in euro area
The Consumer Price Index (CPI) grew by 1.2% in the year to September 2014, down from 1.5% in August, according to Office for National Statistics. The growth was significantly lower than expected, economists expected a growth of 1.4%.
Falls in transport costs (notably sea fares and air fares) and prices for a range of recreational goods provided the largest contributions to the slowdown in the rate of inflation between August and September.
Key market moving events today
Inflation dropped to 1.2%
Inflation in UK was significantly lower compared to previously reported data, bringing GBP/USD down to fresh 11-month lows.
RSI shows strong oversold, but be careful there has been a strong bearish movement since July.