The $GBPUSD pair held steady in the overnight session as investors refocused on the upcoming UK inflation data scheduled for Wednesday.
There were no major economic data from the US and UK on Monday and the same trend will continue on Tuesday. Therefore, analysts and investors will continue assessing last week’s decisions by the Federal Reserve and the Bank of England.
In a statement on Monday, Jerome Powell reiterated his view that higher interest rates are necessary considering that the labor market has tightened while inflation has surged. He expects that inflation will keep rising in the coming months because of the ongoing crisis in Ukraine. With no economic data expected from the UK on Tuesday, investors will be waiting for the upcoming consumer inflation numbers scheduled for Thursday. Analysts expect these numbers to show that prices continued rising in February.
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