GBP/USD remains under pressure below the 1.2670 area, investors await UK inflation data, FOMC Minutes – by lilyfinancial GBPUSD Majors Macroeconomics
665, down 0.23% for the day. The upbeat UK data fails to lift the Pound Sterling as investors are concerned about the possibility of a further rate hike that would impact the UK economy.
On Friday, the UK economy grew unexpectedly by 0.5% MoM in June, versus market consensus of 0.2% and a 0.1% decline in the previous month. Additionally, UK Industrial Production rose 1.8% on a monthly basis in June, above the expectation of a 0.1% increase and a 0.6% drop prior. Lastly, Manufacturing Output came in at 2.4% m/m, better than expected of 0.2% and 0.1% drop in the previous reading.
The stronger UK economic data increases the odds that the Bank of England will raise the additional interest rate. However, market participants are cautious about the BoE move as the UK economy is fragile and the interest rate is at a 15-year high of 5.25%. The aggressive monetary policy could have a negative impact on the UK economy.
Looking ahead, the UK Claimant Count Change for July, Consumer Price Index , and Retail Sales MoM will be released from the UK docket later this week. On the other hand, investors will also focus on US Retail Sales, FOMC Minutes and the comment from the
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