GBP/USD recovers some lost ground around 1.2568 – Crypto News – Crypto News
Connect with us
GBP/USD recovers some lost ground around 1.2568 GBP/USD recovers some lost ground around 1.2568

others

GBP/USD recovers some lost ground around 1.2568 – Crypto News

Published

1 year ago

on

Share:

GBP/USD remains on the defensive above 1.2550 ahead of UK GDP, US Retail Sales data

The GBP/USD pair remains on the defensive above the mid-1.2500s during the early Asian trading hours on Thursday. The pair bounces off the low of 1.2535, but the upside is likely to be limited, backed by the softer UK inflation data. Investors will shift their attention to the UK GDP growth numbers for the fourth quarter (Q4), due on Thursday. At press time, the major pair is trading at 1.2568, gaining 0.03% on the day. 

The hotter-than-expected US inflation data last week convinced market players that the journey to inflation normalization will be long. Fed officials are expected to maintain a cautious approach as they further evaluate the trajectory of inflation in the coming months. Fed Vice Chair for Supervision Michael Barr said that the Fed remains confident that US inflation is on the way to hitting the central bank’s 2% target. However, Barr emphasizes the necessity of further positive data before advocating interest rate cuts. Read more…

GBP/USD dips despite upbeat UK’s inflation report, eyes on BoE and Fed remarks

The Pound Sterling drops during the North American session by 0.20% following a positive UK inflation report that showed prices are slowing down. At the time of writing, the GBP/USD trades at 1.2565 and tests the important 200-day moving average (DMA) after hitting a high of 1.2611.

The US economic docket featured Federal Reserve speeches by the Chicago Fed President Austan Goolsbee and Governor Christopher Waller. Goolsbee said that inflation is coming down and added that current policy is restrictive. He said that rate cuts should be tied to confidence that inflation is on the Fed’s path. Read more…

 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending