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Market News GBP/USD looks to reclaim 1.2300 amid optimistic market mood, US/UK Inflation in focus

GBP/USD looks to reclaim 1.2300 amid optimistic market mood, US/UK Inflation in focus

GBP/USD is seeking to regain 1.2300 amid bullish market mood. The US Dollar Index has dipped below 105.00 on forecasts of a reduction in US Inflation. Investors should not dismiss the forecasts of a surprise jump in UK inflation amid a steady food price hike.

Alina Haynes

2022-12-13

1603

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After falling as close to 1.2260 during the Tokyo session, demand for the GBP/USD pair has increased. The Cable is seeking to retake the round-level resistance of 1.2300 as investors’ risk appetite has increased considerably ahead of the release of the United States inflation statistics.

The US Dollar index (DXY) has dipped below the round-level support of 105.00 as pre-US inflation fear among investors has evaporated. S&P500 futures are withstanding their Monday’s gains recorded on forecasts of a reduction in the inflationary pressures. On a broader scale, optimism has been bolstered by the anticipated shift in the Federal Reserve's (Fed) approach to the rate of interest.

The street is predicting a fall in the US Consumer Price Index (CPI) spurred by a decline in gasoline prices and one-year consumer-inflation forecasts. The monthly Survey of Consumer Expectations conducted by the Federal Reserve Bank of New York revealed on Monday that US consumers' one-year inflation expectations fell to 5.2% in November from 5.9% in October, marking the largest one-month drop on record. This has resulted in a drop in consensus for headline inflation to 7.3% and core inflation to 6.1%.

On the Pound Sterling front, investors are expecting the publication of the United Kingdom Employment and CPI figures, which are coming on Tuesday and Wednesday respectively. The quarterly Unemployment Rate (October) is seen higher at 3.7% against the earlier announcement of 3.6%. Aside from this, the most influential factor is the data on Average Earnings. Quarterly Average Earnings excluding Bonus figures was seen higher at 5.9% vs. the earlier release of 5.7%.

While the UK headline inflation is predicted to fall to 10.9% from the earlier announcement of 11.1%. Food price inflation has skyrocketed as a result of the food supply issue, labor shortages, and rising input prices. Investors should not disregard the likelihood of an unexpected rise in inflation.