GBP/USD faces hurdles around 1.2080 as US Inflation hogs the limelight – by Sagar_Dua24 GBPUSD Oil Inflation Fed GDP
is oscillating in a narrow range of 1.2068-1.2081 from the late New York session and is likely to remain topsy-turvy as investors are awaiting the release of the US Inflation.oil prices
have remained vulnerable in July. Accelerating recession fears in the Western economies and China have trimmed the demand forecasts vigorously, which forced the market participants to dump oil longs. The investing community is aware of the fact that the volatile oil prices were driving the price rise index higher. Now, downbeat oil prices are clearly diminishing the inflation forecasts and the continuation of a 75 basis point rate hike odds by the Federal Reserve . While the core CPI that doesn’t inculcate volatile oil and food products is expected to elevate to 6.1% from the prior release of 5.9%.
On the UK front, investors are awaiting the release of the Gross Domestic Product , which is due on Friday. The economic data is expected to plummet to 2.8% vs. 8.7% reported earlier on an annual basis. An occurrence of the same will send the pound bulls on the back foot.holds significant importance. The economic data may plunge sharply to -8.4% vs. -1.3% reported last month.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Retreats from the daily highs, steadily around 1.2080GBP/USD Price Analysis: Retreats from the daily highs, steadily around 1.2080 – by christianborjon GBPUSD Majors Technical Analysis SupportResistance PivotPoints
Read more »
Weekly Forex Forecast - EUR/USD, GBP/USD, AUD/USD, USD/JPYThe euro went back and forth last week as we continue to see a significant amount of noisy behavior between the 1.01 level, and the 1.03 level.
Read more »
AUD/USD: Corrective pullback fades around 0.6900, Taiwan, US inflation in focusAUD/USD struggles to extend the week-start gains as the Aussie traders flirt with the 0.6900 threshold amid a risk-off mood during Monday’s Asian sess
Read more »
Trading Support and Resistance \u2013 AUD/USD, EUR/USD, GBP/USDGet our trading strategies with our monthly \u0026 weekly forecast of currency pairs worth watching using support \u0026 resistance for the week of August 8, 2022.
Read more »
USD/JPY displays inventory distribution around 135.00 as investors await US CPIThe USD/JPY pair has turned sideways in the Asian session following the footprints of the US dollar index (DXY). On a broader note, the asset is displ
Read more »
NZD/USD seesaws around mid-0.6200s ahead of RBNZ Inflation ExpectationsNZD/USD begins the trading week on a firmer footing, despite the latest retreat to 0.6235, as the pair traders await New Zealand’s (NZ) third quarter
Read more »