Check out today's GBPUSD Forex Signal- forextrade forextrading
It jumped to a high of 1.1850, the highest point since August this year. The pair has risen by more than 13% from its lowest level this year.The GBP/USD pair has made a strong recovery as the US dollar pulled back. After soaring to a multi-decade high of $115 in September, the US dollar index has pulled back to about $106. This decline accelerated after the US published the latest consumer inflation data.
According to the Bureau of Labor Statistics , the headline consumer price index dropped from 8.3% in September to 7.7% in October. That was a bigger decrease than what most analysts were expecting. CoreTherefore, the pair surged as investors predicted that the Fed will start slowing down on its rate hikes in the coming months. The bank has already hiked rates by 400 basis points this year. With inflation easing, analysts now expect that the Fed will hike by 0.50%.
The GBP/USD price surged even after data showed that the UK sunk into a recession amid rising risks. According to the Office of National Statistics , the British economy contracted by 0.2% in Q3 after expanding by 0.2% in Q2. On a year-on-year basis, the economy expanded by 2.4%, which was higher than the median estimate of 2.1%.The next key catalyst for the pair will be the upcoming UK jobs numbers scheduled for Tuesday and inflation data set for Wednesday.
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