GBPUSD pierces 1.2000, reaching 3-month highs but retreated toward 1.1920s – by christianborjon GBPUSD Majors Macroeconomics
ation is easing. Also, an upbeat UK employment data report underpinned the Cable, as shown by the GBPUSD gaining more than 1.50%. At the time of writing, the GBPUSD is trading at 1.1915.The sentiment is upbeat, triggered by two Federal Reserve officials saying it would be appropriate to slow the pace of rate hikes following the release of a soft October US Consumer Price Index report. Also, the Producer Price Index for the same period expanded by 8% on an annual pace, below the 8.
Meanwhile, the NY Fed Empire Manufacturing rose by 4.5, smashing expectations for a contraction of 6. Data wise, employment data in the UK showed that the number of people in work in the UK dropped 52K, more than the 25K falls estimated by street economists. At the same time, the Unemployment Rate rose by 3.6%, exceeding the 3.5% expected.
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