The cable extended its longest rally since the year 2012 last week, testing the levels above 1.5800. The pair remains supported by the post-election UK optimism and the USD weakness. The 1.5800 mark is an important level, but there is room for more growth in the near term. Watch the 1.5900 mark – this is the 200-week MA and 50% Fibo from the 2014 decline.
As for the economic calendar, we will be watching the UK April CPI on Tuesday. Consumer prices were flat in March. Many economists expect the economy to have slipped into deflation in April. You should also pay attention to the BOE meeting minutes on Wednesday and retail sales on Thursday.
As for the economic calendar, we will be watching the UK April CPI on Tuesday. Consumer prices were flat in March. Many economists expect the economy to have slipped into deflation in April. You should also pay attention to the BOE meeting minutes on Wednesday and retail sales on Thursday.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.