16 Mei 2024, GBP/USD
An event to look out for today:
15:30 GMT+3. USD - Number of initial applications for unemployment benefits
GBPUSD:
The GBP and USD pair continues to rise near 1.2690 on Thursday during the early Asian session. The rise in the major pair is supported by a weaker dollar following the release of weaker CPI inflation data in the US.
UK employment data showed that labor market conditions deteriorated for the third consecutive month as the unemployment rate rose. However, Bank of England (BoE) policymakers remain concerned about high service sector inflation as it could stall progress on disinflation. This has caused uncertainty over the Bank of England's interest rate cuts.
US inflation fell slightly in April. The Consumer Price Index (CPI) rose 3.4% year-over-year in April, compared with a 3.5% increase in March, the U.S. Bureau of Labor Statistics (BLS) reported on Wednesday. Annualized core CPI inflation eased to 3.6% y/y in April from 3.8% in the previous reading. Both indicators matched forecasts. On a monthly basis, CPI and core CPI rose 0.3% y/y in April from the previous month. The softer inflation data increased the chances of a Federal Reserve (Fed) rate cut in 2024, which sent the US Dollar (USD) lower and created a tailwind for GBP/USD.
In addition, the final retail sales data for April was unchanged from the previous reading of 3% growth, which was worse than market expectations of 0.4%.
Trading recommendation: Trade mainly with buy orders at the price level of 1.2710. We consider sell orders at the price level of 1.2660.
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