Pound Sterling Price News and Forecast: GBP retreats from weekly high ahead of US CPI, UK factory data
|GBP/USD Forecast: Bulls move to sidelines ahead of US December CPI
GBP/USD went into a consolidation phase above 1.2750 early Thursday after closing in positive territory on Wednesday. Although the upbeat market mood helps the pair hold its ground in the European session, investors could refrain from taking large positions ahead of the highly-anticipated US inflation report for December.
Wall Street's main indexes gathered bullish momentum mid-week and made it difficult for the US Dollar (USD) to find demand. US stock index futures were last seen rising between 0.3% and 0.5%, while the UK's FTSE 100 Index was up 0.5%, suggesting that risk flows continue to dominate the action in the European morning. Read more...
Pound Sterling retreats from weekly high ahead of US CPI, UK factory data
The Pound Sterling (GBP) has surrendered intraday gains as the market sentiment has been impacted amid volatility ahead of the United States Consumer Price Index (CPI) data, which will be published at 13:30 GMT. The broader appeal for the GBP/USD pair is still upbeat amid absence of commentary hinting at interest rate cuts from any Bank of England (BoE) policymakers. In the Asian session, GBP/USD printed a fresh weekly high amid deepening confidence of investors toward rate cuts by the Federal Reserve (Fed) from March is maintaining a cheerful market mood.
Further action in the Pound Sterling will be guided by the UK factory data, which is due to be released on Friday. Last month, UK Finance Minister Jeremy Hunt commented that the economy is not as bad as revised Gross Domestic Product (GDP) numbers for the third quarter would suggest. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.