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Market News GBP/USD Fluctuates Below 1.2500 in Advance of US Inflation Data

GBP/USD Fluctuates Below 1.2500 in Advance of US Inflation Data

As steady US inflation expectations have supported the risk-off drive, GBP/USD is expected to experience further losses. The Fed's balance sheet reduction and two rate rises have had no discernible effect on the US CPI. The inflation rate in the United Kingdom is anticipated to approach ten percent.

Alina Haynes
2022-06-10
527

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The GBP/USD pair is balancing below the psychological support of 1.2500 and is anticipated to unbalance lower as investors ditch risk-sensitive assets in anticipation of the US inflation report. The cable had a sharp decline on Thursday after failing to surpass the crucial barrier of 1.2560.

 

The Federal Reserve (Fed) has tightened its monetary policy by increasing interest rates and reducing its balance sheet significantly. The Fed announced 25 basis point (bps) and 50 basis point (bps) rate rises in March and May, respectively, and a further big rate hike is anticipated next week. Undoubtedly, the central bank has swiftly implemented its quantitative tightening measures, but there has been no discernible effect on price pressures.

 

The US Consumer Price Index (CPI) is anticipated to remain constant at 8.3 percent annually. A significant impact on inflationary pressures following the implementation of appropriate quantitative measures would have reduced currency market uncertainty. Therefore, the absence of any measurable influence on the US CPI has greatly increased uncertainty. In May, the U.S. economy added a substantial number of jobs to the labor market. Next week, the Fed will be required to maintain its highly hawkish posture due to steady inflation and a tight labor market.

 

The Bank of England (BOE) is unable to clear up the inflation mess on the pound front. Participants in the market are observing price pressures approaching double digits. It appears that the BOE should have applied more force when adjusting interest rates. In addition, surging inflation reduces growth projections for the British economy.


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