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GBP/USD trimming some gains, sees rejection from 1.2500 on UK CPI miss – Crypto News
The GBP/USD is paring back after a touch of the 1.2500 handle, testing back into the 1.2400 region after a broad miss for UK data and mixed US figures.
The UK Core Consumer Price Index (CPI) for the year into October printed at 5.7%, down slightly from the expected 5.8% and slipping further away from the previous month’s 6.1% reading. Read More…
The Pound Sterling (GBP) faced a sell-off after reaching a two-month high as price pressures in the UK economy softened significantly in October. Annual headline Consumer Price Index (CPI) grew at a slower pace of 4.6%, adding to signs that UK Prime Minister Rishi Sunak will be able to fulfill his promise of halving inflation by the year-end. Meanwhile, the UK Producer Price Index (PPI) fell, suggesting that goods producers were forced to cut prices at factory gates due to a poor demand outlook. Read More…
GBP/USD is seen accelerating its uptrend once 1.2580 is cleared, suggest Markets Strategist Quek Ser Leang and Economist Lee Sue Ann at UOB Group. Read More…
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