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Market News GBP/USD Soars To 1.2500 Prior To The Release Of UK CPI Data

GBP/USD Soars To 1.2500 Prior To The Release Of UK CPI Data

GBP/USD advances to the 1.2500 threshold as the USD weakens. The October headline Consumer Price Index (CPI) for the United States was lower than anticipated by the market. The quarterly ILO unemployment rate for the United Kingdom remains unchanged at 4.2% in September. Traders will be anxiously awaiting the UK inflation data and the US Retail Sales Producer Price Index (PPI).

TOP1 Markets Analyst

2023-11-15

8839

The GBP/USD pair gains a point during Wednesday's early Asian trading hours. The decline in yields on US Treasury bonds, which supports the depreciation of the US Dollar (USD), provides some support for the GBP/USD pair. The main pair is trading near 1.2497 at press time, a decrease of 0.04% on the day.

The October Consumer Price Index (CPI) for the United States increases 3.2% year-over-year from 3.7% previously, which is below the market consensus of 3.3%. Excluding volatile food and energy costs, the core CPI increased by 0.2% month-over-month and 4.0% year-over-year. In this cycle, the market expects the Federal Reserve (Fed) to refrain from further increasing interest rates. The CME FedWatch Tool indicates that there is a 0% probability of a rate increase during the December meeting, as priced in Fed fund futures. As a result, selling pressure is applied to the US dollar, which causes the GBP/USD pair to rise.

Conversely, Huw Pill, chief economist at the Bank of England (BoE), stated on Tuesday that substantial advancements have been made with regard to inflation. Huw further stated that an additional rate increase is not required but is a possibility if necessary.

The ILO Unemployment Rate for the quarter ending in September remained unchanged at 4.2% on Tuesday, matching the market estimate of 4.2%. In September, an additional 17.8K individuals applied for unemployment benefits, bringing the total from the previous month's figure of 20.4K.

The October publication of the UK Consumer Price Index (CPI) is anticipated. Monthly and annual inflation rates in the United Kingdom are anticipated to increase by 0.1% and 4.8%, respectively. In October, the core CPI is anticipated to increase by 5.8% year-over-year. Retail Sales and the Producer Price Index (PPI) are anticipated to be released on the US timetable.