{"id":306128,"date":"2024-05-21T04:55:54","date_gmt":"2024-05-20T23:25:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=306128"},"modified":"2024-05-21T04:55:54","modified_gmt":"2024-05-20T23:25:54","slug":"gbp-usd-extends-its-upside-above-1-2700-investors-await-fresh-catalysts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/gbp-usd-extends-its-upside-above-1-2700-investors-await-fresh-catalysts-crypto-news\/","title":{"rendered":"GBP\/USD extends its upside above 1.2700,\u00a0investors await fresh catalysts &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>GBP\/USD holds positive ground around 1.2710 in\u00a0Tuesday\u2019s\u00a0early Asian session.\u00a0<\/strong><\/li>\n<li><strong>Fed officials remain cautious about the timing of\u00a0rate cuts, emphasizing the need to hold rates higher for longer.\u00a0<\/strong><\/li>\n<li><strong>The UK CPI inflation\u00a0is expected\u00a0to ease to 2.1% YoY in April from 3.2% prior.\u00a0<\/strong><\/li>\n<\/ul>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/gbpusd\" data-fxs-autoanchor=\"\">GBP\/USD<\/a> pair extends the rally near 1.2710 on Tuesday during the early Asian session. Investors await fresh catalysts, with different\u00a0Federal Reserve\u00a0(Fed) speakers set to speak later\u00a0in the day.\u00a0On Wednesday,\u00a0the UK Consumer Price Index (CPI) inflation data and FOMC Minutes will be closely watched.\u00a0<\/p>\n<p>The Greenback trades steady on Tuesday amid the absence of top-tier <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\" data-fxs-autoanchor=\"\">economic data<\/a> releases from the US and the UK. The Fed officials remain cautious about the timing of its easing cycle and emphasize the need to hold rates higher for longer to gain confidence that inflation is on course toward the target. The upcoming FOMC minutes on Wednesday will take center stage as they might offer\u00a0some\u00a0clues about the future interest rate path.\u00a0<\/p>\n<p>On Monday, Fed Vice Chair Michael Barr said\u00a0that the\u00a0central bank\u00a0\u201cwill need to allow our restrictive policy some further time to continue to do its work.\u201d\u00a0\u00a0Meanwhile, Fed policymaker Philip Jefferson, another permanent voting member of the\u00a0Fed&#8217;s\u00a0rate-setting committee, said inflation was still easing, although nowhere near as quickly as he expected.\u00a0The Fed\u00a0is widely expected\u00a0to leave rates unchanged\u00a0when they meet again in June. Financial markets see a 76% chance of rate cuts by 25 basis points (bps) in September and two cuts by the end of the year, according to the CME FedWatch Tool. The wait-and-see mode of the US Fed is likely to lift the US dollar (USD) and might cap the\u00a0pair\u2019s\u00a0upside in the near term.\u00a0<\/p>\n<p>On the other hand, an interest rate cut from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/boe\" data-fxs-autoanchor=\"\">Bank of England<\/a> (BoE) at its June meeting has not\u00a0been ruled out. The BoE governor\u00a0Andrew\u00a0Bailey noted that the bank will\u00a0be led\u00a0by data such as UK wage growth\u00a0and consumer price inflation.\u00a0The UK CPI inflation\u00a0is expected\u00a0to ease to 2.1% YoY in April from 3.2% in March, while the core CPI inflation is estimated to drop to 3.6% YoY in April from 4.2% in the previous reading. The softer reading might trigger the expectation of rate cuts and weigh on the Pound Sterling (GBP).\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/USD holds positive ground around 1.2710 in\u00a0Tuesday\u2019s\u00a0early Asian session.\u00a0 Fed officials remain cautious about the timing of\u00a0rate cuts, emphasizing the need to hold rates higher for longer.\u00a0 The UK CPI inflation\u00a0is expected\u00a0to ease to 2.1% YoY in April from 3.2% prior.\u00a0 The GBP\/USD pair extends the rally near 1.2710 on Tuesday during the early Asian [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,641,255,250,333,277,252,247,253,249,256,254],"class_list":["post-306128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gbpusd","tag-gta","tag-looks-rare","tag-macroeconomics","tag-majors","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/306128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=306128"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/306128\/revisions"}],"predecessor-version":[{"id":306130,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/306128\/revisions\/306130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/8929"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=306128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=306128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=306128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}