The GBP/USD price was wavering on Monday as investors waited for the most economic events of this month.
The GBP/USD pair has been in a tight range as investors waited for key economic data from the US and the UK. It will also react to the latestThe Fed will deliver the latest interest rate decision on Wednesday.
Economists expect that the Fed will hike interest rate by 0.50% after delivering 0.75% in the past four straight meetings. It will also continue with its quantitative tightening policies that has seen it reduce its balance sheet substantially. The decision will come a day after the US publishes the latest consumer inflation data. Economists expect that the headlinedropped from 0.4% from October to 0.3% in November. On a YoY basis, economists expect that the CPI declined from 7.7% to 7.3%. Core CPI is expected to drop from 6.3% to 6.1%.
The GBP/USD price will react to the latest economic data from the Bank of England. Economists expect that the headline CPI dropped from 11.1% in October to 10.9% while core CPI dropped from 6.5% to 6.4%. The meeting will be followed by the BoE decision. Economists expect that the bank will hike interest rate by 50 basi points to 3.50%.The headline rate hikes will not have an immediate impact on the pair. Instead, it will react to the bank’s outlooks of future rate hikes.
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