Pound Sterling Price News and Forecast: GBP/USD holds losses ahead of the release of UK inflation data
GBP/USD remains below 1.3650 ahead of UK CPI data
GBP/USD loses ground after two days of gains, trading around 1.3640 during the Asian hours on Wednesday. The Pound Sterling (GBP) inches lower against the US Dollar (USD) ahead of the United Kingdom’s (UK) Consumer Price Index (CPI) and Retail Price Index data. Focus will shift toward the US Federal Reserve (Fed) policy decision due later in the day.
The UK Consumer Price Index report is expected to show that headline inflation rose to 3.9% year-over-year in August from 3.8% prior. Meanwhile, the monthly inflation is expected to reach 0.3% from 0.1%. Signs of inflationary pressures accelerating would boost hopes that the Bank of England (BoE) will keep interest rates on hold at 4% on Thursday. Read more...
GBP/USD jumps past 1.3640 as US Dollar hits 10-week low ahead of Fed
The Pound Sterling (GBP) advances over 0.30% as the Greenback drops to a ten-week low, according to the US Dollar Index (DXY). The two-day meeting by the Federal Open Market Committee (FOMC) begins on Tuesday, at which the Fed is expected to reduce interest rates. GBP/USD trades at 1.3646, up from 1.3592 daily low.
Sterling is trading at eleven-week highs versus the US Dollar, which failed to appreciate as Retail Sales data unexpectedly rose above estimates in August, reported the US Commerce Department on Tuesday. Retail Sales rose by 0.6% MoM in August, the same growth as the previous month and exceeding forecasts of 0.2%. Sales for the Control Group, used to calculate Gross Domestic Product (GDP) figures, expanded by 0.7% MoM, up from July’s print of 0.5%. Read more...
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