GBP/USD slides below 1.2700 on strong US Dollar after soft US PCE
The GBP/USD drops in Thursday's North American session as the Greenback got a vote of confidence from traders, even though data suggests the US Federal Reserve (Fed) might be near the peak of its tightening cycle. Hence, the major is trading at 1.2649 after reaching a high of 1.2710, down 0.35%.
As mentioned above, the US Dollar Index (DXY), which tracks the buck’s performance against six currencies, including Sterling, gains 0.47%, up at 103.33. The US Bureau of Economic Analysis (BEA) revealed that core inflation, measured by the Fed’s preferred gauge for inflation, the core Personal Consumption Expenditure (PCE), cooled down from 3.7% to 3.5% YoY in October. The headline figures climbed to 3.0% as estimated, 0.4% below September’s number. Read more...
GBP/USD could slump to the 1.26 zone – Scotiabank
GBP soft in line with broader USD tone. Economists at Scotiabank analyze Cable’s outlook. Read more...
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