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Forex Today: Pound Sterling benefits from inflation data, focus shifts to FOMC Minutes

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Here is what you need to know on Wednesday, May 22: Pound Sterling gathers strength against its major rivals early Wednesday, boosted by the stronger-than-forecast UK inflation readings for April.

Existing Home Sales data for April will be featured in the US economic docket. Later in the American session, the Federal Reserve will release the minutes of the April 30-May 1 monetary policy meeting. The UK's Office for National Statistics reported on Wednesday that inflation in the UK, as measured by the change in the Consumer Price Index , declined to 2.3% on a yearly basis in April from 3.2% in March. This reading, however, came in above the market expectation of 2.1%.

Minutes Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy. Read more. Last release: Wed Apr 10, 2024 18:00 Frequency: Irregular Actual: - Consensus: - Previous: - Source: Federal Reserve Why it matters to traders? Minutes of the Federal Open Market Committee is usually published three weeks after the day of the policy decision.

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