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have painted pictures of economies that are having a steady recovery. Two weeks ago, numbers by the Office of National Statistics revealed that the UK unemployment rate has dropped to the lowest level since the pandemic started.
The same picture was painted on Friday when the US published its latest employment numbers. The data showed that the economy added over 410k jobs in March. The Bureau of Labor Statistics also revised the February jobs numbers to 750k. However, the common denominator is inflation, which has pressured the Fed and the Bank of England to embrace a more hawkish tone. Recent data from the UK revealed that the headline consumer price index rose to a multi-decade high of 6.2%. Another survey showed that more UK companies are now expecting to raise prices than at any time since 1980s.
Meanwhile, in the US, recent data revealed that inflation rose to the highest point since 1970s. Worse, the situation is expected to worsen as commodity prices are expected to rise as the crisis in Ukraine worsens. Russia has said that it will demand payments for its commodities in rubles, which could lead to more shortage.
The only major catalyst for the GBP/USD pair will be the upcoming speech by Andrew Bailey, the Bank of England governor. In his statement, he will likely provide his opinion on how fast the BOE is expected to keep rising interest rates. His statement will be watched closely because the bank will not hold its meeting this month.The GBP/USD recovery peaked at 1.3300 in March. Since then, the pair has been making a slow downward trend and is currently trading at 1.3115.
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