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Pound edges lower, markets eye FedSpeak The British pound is down slightly on Friday. GBP/USD is down 0.14%, trading at 1.2648 in the European session at the time of writing. It has been a good week for the pound, which has gained 1% against the US dollar. Wednesday’s inflation release showed CPI dipping in April, reversing the trend of the past several months. The unexpected stickiness in inflation had delayed a rate cut from the Federal Reserve and the drop in April inflation raised expectations for a rate cut, sending equity markets higher and the US dollar lower, with GBP/USD jumping 0.75% on Wednesday. Read more… GBP/USD Forecast: Pound Sterling buyers could remain interested while 1.2630 support holds GBP/USD staged a technical correction and closed in negative territory on Thursday after rising 0.75 on Wednesday. The pair continues to edge lower early Friday and was last seen trading near 1.2650. Comments from Federal Reserve (Fed) officials helped the US Treasury bond yields rebound and supported the US Dollar (USD) on Thursday. Atlanta Fed President Raphael Bostic acknowledged the inflation progress in April but noted that the Fed was not yet there to start easing the policy. On a similar tone, Cleveland Fed President Loretta Mester noted that the monetary policy was well-positioned while they look to review more data and Richmond Fed President Thomas Barking Told CNBC that the latest Consumer Price Index (CPI) data showed that inflation was not where the Fed was trying to get. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-edges-lower-markets-eye-fedspeak-202405171212

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Filed under: News - @ May 17, 2024 4:12 pm