Pound Sterling Price News and Forecast: GBP/USD is likely to stay subdued if UK CPI meets expectations

FXStreet Team FXStreet

When is the UK CPI inflation data and how could it affect GBP/USD?

The United Kingdom (UK) Office for National Statistics (ONS) will publish the highly relevant Consumer Price Index (CPI) data for November on Wednesday at 07:00 GMT.

The UK headline Consumer Price Index is forecast to have eased to a 3.5% year-over-year (YoY) in November from the 3.6% seen in October. Meanwhile, Monthly inflation is expected to be flat at 0% after rising 0.4% in October. The UK core CPI, considered more relevant for the central bank, as it strips off the seasonal impact of food and energy prices, is expected to remain consistent at a 3.4% YoY rise in November. Read more...

GBP/USD gains ground above 1.3400 on UK PMI optimism

The GBP/USD pair gains momentum to around 1.3425 during the early Asian session on Wednesday. The Pound Sterling (GBP) edges higher against the Greenback on the upbeat UK preliminary S&P Global Purchasing Managers' Index (PMI) data. Traders will take more cues from the Fedspeak later on Wednesday.

Data released by S&P Global on Tuesday showed that the UK Composite PMI came in at 52.1, versus estimates of 51.4 and the previous reading of 51.2. The Services and the Manufacturing PMI jumped to 52.1 and 51.2, respectively. Both figures came in above the market consensus. The improvement in the UK’s dominant services sector added to the positive tone and provided some support to the GBP against the US Dollar (USD). Read more...

GBP/USD erupts as soft US jobs data crush the Dollar

The GBP/USD surges 0.42% on Tuesday as the latest US jobs report revealed the labor mark weakness, while Retail Sales were unexpectedly unchanged from September figures, an indication of consumers’ resilience. At the time of writing, the GBP/USD trades at 1.3432 after reaching a daily low of 1.3355.

US Nonfarm Payrolls in November came at 64K, but better than the 50K expected, an improvement compared to October’s -105K print. The data pushed the Unemployment Rate from 4.4% to 4.6%, above estimates of 4.5% by Federal Reserve officials, which updated their forecasts at the Summary of Economic Projections (SEP). Read more...

Author

FXStreet Team

FXStreet

EUR/USD holds ground above 1.1800 ahead of Eurozone inflation data

EUR/USD trades on firmer ground above 1.1800 in the European session on Wednesday. The US Dollar struggles amid Wall Street tech sell-off and uncertainty over the Fed's potential monetary path, keeping the pair afloat ahead of the release of the Eurozone's Preliminary Harmonized Index of Consumer Prices.

GBP/USD stays bid above 1.3700, awaits top-tier US data

GBP/USD sticks to gains above 1.3700 in European trading on Wednesday. The pair takes advantage of a pause in the US Dollar rally, even as markets turn cautious ahead of the US ADP jobs report and the ISM Services PMI data. The BoE's 'Super Thursday is keenly awaited.

Gold clings to gains amid reviving safe-haven demand, dovish Fed expectations

Gold sticks to strong intraday gains heading into the European session and currently trades just above the $5,050 level, close to the weekly high touched earlier this Wednesday. Concerns over rising tensions between the US and Iran resurfaced following overnight reports that the US shot down an Iranian drone in the Arabian Sea.

ADP Employment Report set to show modest hiring extended into January

The Automatic Data Processing Research Institute will release its monthly report on private-sector job creation for January on Wednesday. The so-called ADP Employment Change report is expected to show that the United States economy added 48K new jobs, following the 41K new payrolls witnessed in December.

Gold and silver recovery continues, but equities sink as tech is shunned

The risk recovery is on pause as we move through Tuesday. After signs that a recovery in precious metals could boost overall risk appetite earlier today, a nasty sell off in tech stocks has pushed the Nasdaq and the S&P 500 down by 1.7% and 1.1% respectively.

Solana Price Forecast: SOL drops below $100 as bears tighten grip

Solana (SOL) trades below $100 at press time on Wednesday, after taking a more than 6% hit the previous day as the broader cryptocurrency market slipped. Institutional and retail demand for Solana continues to decline, while on-chain data shows a record 150 million daily transactions on Tuesday.