The GBP/USD price rose slightly on Friday as a relatively busy week in the market.
After falling to a multi-week low of 1.1915 on Friday, the pair rebounded after the UK published strong retail sales numbers to a high of 1.2045.Last week was significantly busy in the market as the UK and the US published mixed economic data. In the US, data showed that inflation remained sticky even as the annual CPI dropped on a year-on-year basis. The broad CPI dropped to 6.4%, which was slightly higher than what analysts were expecting.
As a result, several Fed speakers, including James Bullard, Loretta Mester, and Michele Bowman argued that the bank has more room to hike rates. Mester believes that the Fed should hike by 50 basis points in the upcoming meeting. However, most officials who talked last week expect Bowman don’t have a vote at the FOMC.
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