GBP/USD gauges cushion above 1.2100 ahead of UK GDP data – by Sagar_Dua24 GBPUSD Fed BOE Inflation GDP
An upbeat UK GDP data could avoid recession fears and support the Pound Sterling.The GBP/USD pair is building a cushion around 1.2110 in the early Tokyo session. Theis expected to remain volatile ahead of the release of the United Kingdom's preliminary Gross Domestic Product data.
The economic data is seen at 0.4% vs. the former release of 1.9% on an annual basis. However, the GDP data could remain flat on a quarterly basis against a contraction of 0.3% disclosed in the third quarter. On a monthly basis, a contraction of 0.3% is expected by the street. Economists at OCBC Bank cited “UK data dump on Friday is in focus especially after the UK think tank, National Institute of Economic and Social Research predicted that the UK economy is likely to avoid a recession this year. A stronger set of UK data print could validate the think tank'sApart from that, the commentary from Governor Andrew Bailey on Thursday kept the Pound Sterling in action. BoE Bailey cited "We expect inflation to come down rapidly this year.
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