GBP/USD corrects from 1.2600 as USD Index recovers strongly ahead of Fed’s policy – by Sagar_Dua24 GBPUSD Fed BOE Inflation Employment
S&P500 futures have turned choppy as investors have sidelined ahead of crucial United States economic events. The overall market mood is still upbeat as the odds of a neutral interest rate policy by the Fed are extremely solid. According to the CME Fedwatch tool, around 75% of chances are in favor of a neutral interest rate policy stance.
The USD Index has recovered firmly to near 103.50 as investors getting anxious ahead of US inflation. The pace in monthly headline Consumer Price Index is seen contracting to 0.2% vs. the former pace of 0.4%. While the velocity in core CPI that doesn’t includeAt the current juncture, easing US labor market conditions and weak economic activities have divided the street.
On the Pound Sterling front, investors are awaiting the release of the United Kingdom Employment data . As per the estimates, Claimant Count Change is seen declining by 9.6K vs. a sheer addition of 46.7K reported in April. The Unemployment Rate for three months is seen higher at 4.0% against the prior release of 3.9%.
In addition to that, the catalyst that will keep investors on their toes is the Average Earnings data including bonuses. Three months' earnings data is seen accelerating to 6.1% vs. the prior pace of 5.8%. Higher earnings could weigh more pressure on the Bank of England , which is already struggling to tame stubbornly high inflation. Apart from the UK labor market data, the speech from
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