GBP/USD extends downside below 1.2700 ahead of BoE's Bailey speech
The GBP/USD pair extends the decline to near 1.2685 during the Asian trading hours on Thursday. A rally in the US Dollar (USD) to the highest level since November 2023 weighs on the major pair. The Bank of England (BoE) Governor Andrew Bailey is set to speak later on Thursday.
Data released by the US Department of Labor Statistics on Wednesday showed that the US Consumer Price Index (CPI) came in line with expectations, rising by 2.6% YoY in October. Meanwhile, the core CPI, which excludes the more volatile food and energy categories, climbed by 3.3% YoY in October, mating with the estimation. The markets expect the US Federal Reserve (Fed) to keep on track to reduce rates at their next meeting in December. Read more...
GBP/USD sheds weight for a fourth straight day on Wednesday
GBP/USD eased further into the low end on Wednesday, trimming further south of the 200-day Exponential Moving Average (EMA) in a one-sided bearish decline as the pair closes in the red for a fourth consecutive trading day. The Pound Sterling shed extra weight against the broadly-recovering Greenback, sparked by a US Consumer Price Index (CPI) inflation print that didn’t deliver markets the easing inflation hint they were hoping for, but still came in at forecasts.
Coming up on Thursday will be a fresh print of US Producer Price Index (PPI) business level inflation, which is forecast to accelerate in October to 3.0% from 2.8% YoY. On the UK side, Cable traders will be settling in for a wait to Thursday’s UK Gross Domestic Product (GDP) print for the third quarter, which is forecast to slump to a scant 0.2% QoQ from the previous 0.5%. Read more...
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