GBP/USD faces hurdles around 1.2080 as US Inflation hogs the limelight – by Sagar_Dua24 GBPUSD Oil Inflation Fed GDP
is oscillating in a narrow range of 1.2068-1.2081 from the late New York session and is likely to remain topsy-turvy as investors are awaiting the release of the US Inflation.oil prices
have remained vulnerable in July. Accelerating recession fears in the Western economies and China have trimmed the demand forecasts vigorously, which forced the market participants to dump oil longs. The investing community is aware of the fact that the volatile oil prices were driving the price rise index higher. Now, downbeat oil prices are clearly diminishing the inflation forecasts and the continuation of a 75 basis point rate hike odds by the Federal Reserve . While the core CPI that doesn’t inculcate volatile oil and food products is expected to elevate to 6.1% from the prior release of 5.9%.
On the UK front, investors are awaiting the release of the Gross Domestic Product , which is due on Friday. The economic data is expected to plummet to 2.8% vs. 8.7% reported earlier on an annual basis. An occurrence of the same will send the pound bulls on the back foot.holds significant importance. The economic data may plunge sharply to -8.4% vs. -1.3% reported last month.
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