GBP/USD stays defensive around 1.3100 on mixed news, focus on UK inflation, US Retail Sales – by anilpanchal7 GBPUSD BOE Fed RiskAversion Macroeconomics
due to the economic fears surrounding Britain. Also challenging the Cable buyers are the latest doubts on the market’s concerns about the Federal Reserve during the two-week blackout period for the US central bank policymakers ahead of the late July monetary policy meeting.
Furthermore, recently mixed UK data and the upbeat US consumer inflation clues also prod the GBP/USD bulls, allowingIn the last week, the UK Gross Domestic Product slid to -0.1% MoM for May versus -0.3% expected and 0.2% prior. Further, the Industrial Production for the said month slumped to -0.6% MoM from -0.2% previous readings and -0.4% market forecasts whereas the Manufacturing Production registered -0.2% MoM figure for May compared to -0.5% expected and -0.1% prior.
On the other hand, the preliminary reading of the University of Michigan's Consumer Confidence Index rose to 72.6 from 64.4 in June, versus the market’s expectations of 65.5. Further details suggested that the one-year and 5-year consumer inflation expectations per the UoM survey edged higher to 3.4% and 3.1% in that order versus 3.3% and 3% respective priors. Before that, the US Consumer and Producer Price Index for June dropped to 3.0% and 0.1% on a yearly basis from 4.0% and 0.
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