Pound Sterling gains amid fears of persistent UK inflation
The Pound Sterling (GBP) performs strongly against its major peers on Friday as Bank of England (BoE) officials showed concerns over price pressures remaining persistent. BoE Monetary Policy Committee (MPC) external member Megan Greene said on Thursday that UK inflation could remain above the 2% target in the medium term as it is becoming “fundamentally more persistent,” Bloomberg reports.
Megan Green’s doubts over the central bank bringing inflation within the desired range were backed by the assumption that wage growth remains persistent. “Wage growth is not falling as quickly as I would like,” Greene said. Read more…
GBP/USD Forecast: Pound Sterling keeps bullish bias ahead of key US data
After posting small gains on Tuesday and Wednesday, GBP/USD continued to push higher and touched its strongest level since November 12 at 1.2770 on Thursday. The pair retreats slightly in the European morning on Friday but manages to hold at around 1.2750.
The renewed US Dollar (USD) weakness fuelled the next leg higher in EUR/USD on Thursday. The data from the US showed that the weekly Initial Jobless Claims rose to 224,000 in the week ending November 30 from 215,000 in the previous week. This reading came in above the market expectation of 215,000 and weighed on the USD. Read more…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-gains-amid-fears-of-persistent-uk-inflation-202412061140