GBP/USD loses ground below 1.3150 ahead of UK CPI data
GBP/USD remains subdued for the fourth consecutive session, trading around 1.3130 during the Asian hours on Wednesday. Traders await the United Kingdom (UK) Consumer Price Index (CPI), PPI Core Output, and Retail Price Index data for October due later in the day.
Any moderation in UK price pressures, combined with a softening labor market and slowing GDP growth, would reinforce expectations of a December rate cut by the Bank of England (BoE), putting additional pressure on the Pound Sterling (GBP). Read more…
UK CPI set to slow down in October, increasing BoE rate cut bets
The United Kingdom (UK) Office for National Statistics (ONS) publishes the highly relevant Consumer Price Index (CPI) data for October on Wednesday at 07:00 GMT. The market consensus anticipates some moderation of inflationary pressures.
UK consumer inflation is a key release for the Bank of England (BoE) and tends to have a significant impact on the Pound Sterling (GBP). The central bank’s Monetary Policy Committee meets on December 18, and market speculation about the possibility of an interest rate cut has been on the rise over the last few weeks. Read more…
GBP/USD continues to tread water ahead of UK CPI release
GBP/USD remains trapped in a rough near-term consolidation zone, with Cable bids cycling the 1.3150 region. The pair has run out of steam after catching a slight bounce from seven-month lows, and the Pound Sterling (GBP) remains functionally unchanged in November.
UK Consumer Price Index (CPI) inflation data will drop on markets early during the London market session at 07:00 GMT. Core CPI for the year ended in October is expected to tick down to 3.4% from 3.5%, and headline CPI inflation for the same period is forecast to ease back to 3.6% from 3.8%. However, front-loaded CPI inflation for the month of October is expected to rise to 0.4% from 0.0%. Read more…
