GBP/USD consolidates above 1.2600 ahead of UK labour market data
The GBP/USD pair consolidates in a narrow trading band above the 1.2600 mark during the early Asian session on Tuesday. The UK labor market and US inflation report will be in the spotlight later in the day. These events could trigger volatility in the market. At press time, GBP/USD is trading at 1.2626, down 0.02% on the day.
Federal Reserve (Fed) Chair Jerome Powell said last month that the central bank is unlikely to start cutting rates in March, and investors now anticipate that the Fed will begin easing rates in May or June. Several officials said more evidence of inflation data is needed before lowering the rates. The US January Consumer Price Index (CPI) could offer hints about the potential timeline of rate cuts. Read more...
GBP/USD climbs on upbeat sentiment, ahead of crucial US/UK data
The GBP/USD edges higher in the North American session as market participants await a busy economic calendar across both sides of the Atlantic. At the time of writing, the pair exchanges hands at 1.2637, up 0.09%.
An upbeat market mood is sponsoring a leg-up on the major, though it remains within familiar levels. Market participants are eyeing an inflation report in the United States (US) which is expected to fuel speculations for rate cuts by the US Federal Reserve (Fed). Words from Fed Governor Michelle Bowman pushed back against easing policy too soon, adding that the current monetary stance is appropriate. In the meantime, Richmond Fed President Thomas Barkin added inflation is closing on the target, but it’s not there yet. Read more...
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