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Pound Sterling plunges on hot US CPI, FOMC minutes – Crypto News
GBP/USD plunges on hot US CPI, FOMC minutes
The Pound Sterling collapses late on Wednesday during the North American session, down by more than 1% against the US Dollar, following the release of US inflation data. Expectations for fewer rate cuts by the US Federal Reserve prompted a flight to the Greenback, which reached a new year-to-date (YTD) high via the US Dollar Index (DXY). The GBP/USD trades at 1.2534 after hitting a high of 1.2708. Read More…
Pound Sterling plunges as hot US Inflation dampens market sentiment
The Pound Sterling (GBP) weakens against the US Dollar in Wednesday’s early American session as the United States Consumer Price Index (CPI) data for March remains stubbornly higher. Economists anticipated the US inflation to remain relatively high in March due to increasing Oil prices, insurance costs and rentals. Hot price pressures would shift market expectations of Federal Reserve (Fed) rate cuts to the third quarter of this year. Read More…
GBP/USD clings to mild losses below 1.2700 ahead of US CPI data
The GBP/USD pair trades with a mild negative bias near 1.2675 during the early Asian session on Wednesday. The USD Index (DXY) consolidates just above the 104.00 yardstick amid the cautious mood. Investors await the US Consumer Price Index (CPI) inflation data, along with the speech of Fed’s Bowman and Goolsbee later in the day. Read More…
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