GBP/USD oscillates in a narrow range around 1.2500, US data eyed
Hello everyone! The GBP/USD is consolidating within a narrow range of around 1.2500 in the morning session on Wednesday in Europe. The widespread retreat of the US Dollar and positive sentiment are providing support for this currency pair.
However, inflation in the US remains relatively low compared to the target of 2%. Furthermore, the recent recovery in crude oil prices has raised concerns about inflation prospects and could potentially force the Fed to maintain higher interest rates for a longer period. This could help limit further losses for USD and maintain stability for GBP/USD. We need to consider more important macroeconomic data from the United States - Producer Price Index (PPI) and Retail Sales figures. Additionally, volatility following ECB actions will impact the GBP/USD pair.
However, inflation in the US remains relatively low compared to the target of 2%. Furthermore, the recent recovery in crude oil prices has raised concerns about inflation prospects and could potentially force the Fed to maintain higher interest rates for a longer period. This could help limit further losses for USD and maintain stability for GBP/USD. We need to consider more important macroeconomic data from the United States - Producer Price Index (PPI) and Retail Sales figures. Additionally, volatility following ECB actions will impact the GBP/USD pair.
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The Pound Sterling (GBP) prints a fresh four-month low as strong wage growth momentum in August has set a hawkish undertone for the Bank of England’s (BoE) September monetary policy decision. The GBP/USD pair dropped sharply despite investors hope that a hawkish interest rate decision from the BoE will scrap its policy divergence with the Federal Reserve (Fed).
