Pound Sterling stabilizes close to 13-month highs ahead of key inflation figures – by Sagar_Dua24 GBPUSD BOE Inflation Fed SEO
Tight labor market conditions and higher food prices in the United Kingdom have remained major catalysts that have been keeping inflationary pressures elevated. More interest rate hikes by the UK central bank are widely expectedDaily digest market movers: Pound Sterling continues its four-day winning streak
UK’s food price inflation is hovering near a 45-year high at 19% which is keeping inflationary pressures at higher levels. For the interest rate guidance, a poll from Reuters indicates that UK’s interest rates will peak around 6% this year. The US Dollar Index is inside the woods as investors are having mixed responses about Federal Reserve’s policy guidance.
The United States Consumer Sentiment Index has improved to 63.6 as a soft consumer and producer inflationary pressures have infused optimism among the market participants.The Pound Sterling has stabilized after printing a fresh 13-month high at 1.2848. The Cable is showing a lackluster performance but is expected to continue its four-day winning streak as the USD Index is facing pressure due to a shift in sentiment about Fed’s interest rate guidance.
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