GBP/USD eyes 1.2600 despite consistent US consumer spending support Fed rate hike – by Sagar_Dua24 GBPUSD Fed BOE Inflation PMI
tain above 1.2580. However, the scale of correction in the Cable is critically low in comparison with the recovery in the USS&P500 futures have trimmed losses generated in early Asia as investors are focusing again on solid quarterly results reported by United States tech-savvy companies. A recovery in the risk appetite of the market participants is expected to improve the appeal for risk-perceived assets.
The USD Index is facing barricades in extending its recovery above 101.80. The greenback index slipped sharply on Friday despite a consistent increase in consumer spending. March’s core Personal Consumption Expenditure landed at 0.3%, consistent with consensus and the former release. Resilience in spending outlays for core goods and services indicates that inflation would remain persistent and the Federal Reserve is needed to stay affirmed on its path of policy-tightening.
On Monday, US ISM Manufacturing PMI data will be in focus. Investors are anticipating mild gains in PMI figures to 46.6 vs. the prior release of 46.3. New Orders Index data that indicates forward demand is expected to jump to 45.5 from the former release of 44.3.front, the street is anticipating that the Bank of England will keep its policy-tightening spell continuing to arrest United Kingdom’s double-digit inflation figure.
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