The post GBP/USD holds positive ground above 1.2150 amid the softer USD, investors await UK labor data, US Retail Sales appeared on BitcoinEthereumNews.com.

GBP/USD holds positive ground near 1.2160 amid the USD weakness. Bank of England (BoE) Governor Andrew Bailey said rates will likely remain around the current 5.25% to return inflation to 2%. Investors have priced in a potential rate rise by the Federal Reserve (Fed) by the end of the year. Market players will monitor the UK employment data, US Retail Sales due on Tuesday. The GBP/USD pair gains traction above the mid-1.2100s during the Asian session on Monday. The softer US Dollar (USD) lends some support to the pair. The risk sentiment dominate the market ahead of the key UK employment data and US Retail Sales on Tuesday. The major pair currently trades around 1.2160, up 0.15% for the day. The latest data on Monday showed that the UK’s Rightmove House Price Index rose by 0.5% MoM in October versus 0.4% prior. On an annual basis, the figure dropped by 0.8% from the 0.4% decline in the previous reading. During his remarks at the International Monetary Fund meetings in Morocco on the weekend, Bank of England (BoE) Governor Andrew Bailey stated that rising borrowing costs were affecting the housing market and employment. He indicated that interest rates will likely remain around the current 5.25%, given that restrictive policy is required to return inflation to 2%. Across the pond, investors anticipate a possible rate rise by the Federal Reserve (Fed) by the end of the year due to the higher inflation expectation and the upbeat inflation data last week. The University of Michigan (UoM) one-year Inflation expectations climbed from 3.2% to 3.8%, and five-year inflation estimates jumped from 2.8% to 3%. Meanwhile, the US Michigan Consumer Sentiment Index data on Friday dropped to 63.0 versus 68.1 prior, missing the expectation of 67.4. The US Consumer Price Index (CPI) annually and monthly…

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Filed under: News - @ October 16, 2023 6:10 am