GBPUSD: Picking up the pace a little and have now retraced a Fibonacci 76.4 per cent of the drop that started late June. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.


Japan CPI dips again
A perennial problem lasting decades

Released overnight, Japan’s August nationwide price inflation dipped to an annualised rate of just 0.3 per cent from 0.5 per cent in July. One of the lowest readings in almost 3 years, it underlines the struggle the nation has had with this intractable problem for decades. Excluding the cost of fresh food, their preferred measure, it’s currently running at 0.5 per cent Y/Y. To get a sense of perspective, CPI hit a record high in 1974 at 22.8 per cent, and has been under 5 per cent since 1982, with a record low minus 2.2 per cent in 2009.

British shoppers aren’t flashing the plastic – again. Data from the ONS yesterday showed that the volume of goods bought in August dropped by 0.2 per cent on the month so that the annualised rate of growth slipped from 3.4 per cent in July to 2.7 per cent last month; excluding fuel, sales fell by 0.3 per cent to 2.2 per cent Y/Y. They added that a drop in online shopping ‘was the largest contributor to this fall’.

Financial Markets and Political Commentary


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