The GBP/USD pair remains on the defensive below the 1.2200 barrier and trades in negative territory for the fifth consecutive week during the early Eu
revealed on Friday that the Personal Consumption Expenditures Price Index climbed 3.5% YoY in August from 3.4% in July, meeting market expectations. Meanwhile, the annual Core PCE Price Index, the Federal Reserve's preferred inflation indicator, grew 3.9% from 4.3% in July, in line with expectations.
A small gap higher opening for the US equity futures holds back traders from placing fresh bullish bets around the safe-haven US Dollar , which, in turn, is seen acting as a tailwind for the GBP/USD pair. The global risk sentiment gets a goodish lift in reaction to the encouraging weekendon China's economy and the funding for the US government.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech in focus. GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range.
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