When is the UK inflation and how could it affect GBP/USD?
The cost of living in the UK as represented by the Consumer Price Index (CPI) for June month is due early on Wednesday at 06:00 GMT. June’s inflation data will be keenly watched by the GBP/USD traders as a positive side deviation in overall and core inflation figures will strengthen the odds of a consecutive 50 basis point (bps) rate hike by the Bank of England (BOE). Also, it will add downside pressure on already vulnerable Gross Domestic Product (GDP) numbers. Read more...
GBP/USD Forecast: Pound could stage downward correction if 1.2000 fails
GBP/USD has failed to preserve its bullish momentum early Wednesday and started to fluctuate in a tight channel near 1.2000. The souring market mood could help the greenback stage a rebound and weigh on the pair in the second half of the day.
Earlier in the day, the data published by the UK's Office for National Statistics (ONS) revealed that the Consumer Price Index (CPI) jumped to 9.4% on a yearly basis in June from 9.1% in May. Although this reading came in higher than the market forecast of 9.3%, the British pound struggled to find demand. Read more...
GBP/USD retreats to 1.2000 post-UK CPI, downside seems cushioned amid softer USD
The GBP/USD pair edged higher for the fourth successive day on Wednesday and inched back closer to a two-week high touched the previous day. The uptick, however, lacked bullish conviction and once again failed near the 1.2040-1.2045 region. Spot prices quickly retreated a few pips following the release of the UK consumer inflation figures and now seem to have stabilized around the 1.2000 psychological mark. Read more...
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