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Market News GBP/USD Holding Above 1.2700 After US PCE Inflation Keeps Rate Cut Prospects Pinned To The Ceiling

GBP/USD Holding Above 1.2700 After US PCE Inflation Keeps Rate Cut Prospects Pinned To The Ceiling

The GBP/USD is maintaining a relatively high level following further settlement of US PCE inflation on Friday. UK retail sales increased in November, while bidders in pounds sterling brush off a QoQ decline in UK GDP. US Dollar flows are distinctly bearish, propping up the broader market.

TOP1 Markets Analyst
2023-12-26
12312

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Amid turbulent trading conditions in the United States, the GBP/USD is maintaining its position above the 1.2700 handle, which it reclaimed during the European trading window following the United Kingdom's November Retail Sales report exceeding expectations.

 

In November, retail sales in the United Kingdom increased 1.3% month-over-month, surpassing the consensus estimate of 0.4% and recovering from October's stagnant performance of 0.0%. Annualized Retail Sales for the month of November also exceeded market expectations, closing at 0.1% versus the predicted -1.3%, a recovery from the -2.5% (revised upwards from -2.7%) for the previous period.

 

The pound sterling investors were able to recover from the underwhelming UK gross domestic product (GDP) print thanks to optimistic retail sales in the country. Annualized quarterly GDP in the United Kingdom was only 0.3%, which was below the expected 0.6%, and QoQ GDP declined by -0.1%, which was below the anticipated level reading of 0.0%.

 

On Friday, US data once more dominated the market, and decelerating inflation was the primary factor in the dollar's decline against the broader market.

 

The November readings of the US Personal Consumption Expenditure (PCE) Price Index indicated that inflation is decelerating at a quicker rate than anticipated by the markets. The annualized core PCE inflation rate for the period ending in November was 3.2%, which was lower than the anticipated 3.3% and the previous period's estimate of 3.4% (which was revised down marginally from 3.5%).

 

Indicating that the US economy may not be deteriorating as rapidly as rate-cut-seeking investors had hoped, US Durable Goods Orders for November came in at an unexpectedly robust 5.4%, easily surpassing the consensus estimate of 2.2% and recovering from the prior period's -5.1% (revised from -5.4%).

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