The GBP/USD exchange rate moved sideways after the strong US consumer confidence and housing data.
The pair was trading at 1.2400, which was a few points above this month’s low of 1.2306. Focus will now be on the US debt ceiling news and the upcoming Fed’s Beige Book.The GBP/USD pair moved sideways after the latest American consumer confidence and house price numbers. Data from Conference Board showed that the country’s consumer confidence dropped to 102.3 from the previous 103.7. This decline was better than the median estimate of 99.0.
On a year-on-year basis, the index jumped by 3.6%, higher than the estimated 2.4%. Therefore, despite the rising interest rates, these numbers mean that there is still more demand for houses in the US. Analysts believe that the Fed could decide to deliver another rate hike in June. Data published on Friday showed that the American PCE index jumped by 4.7% in May, This PCE is higher than the Federal Reserve target of 2.0%.
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