GBP/USD bears keep reins below 1.1900 amid recession fears, UK’s political crisis – by anilpanchal7 GBPUSD Brexit Politics Recession Inflation
in the last meeting while Cleveland Federal Reserve President Loretta Mester also said, “The data on CPI does not suggest a rate hike in July any smaller than that in June.”
It’s worth noting that the US Consumer Price Index for June jumped to the highest level in 40 years to 9.1% YoY versus 8.8% expected and 8.6% prior. The Core CPI, which excludes volatile food and energy prices, eased to 5.9% from 6% prior but crossed analysts' forecast of 5.8%. It should be noted that the BOC announced a 100 bps rate hike by crossing the market forecasts the previous day.
Amid these plays, the US 10-year Treasury yields rose four basis points to 2.95% at the latest while the S&P 500 Futures drop 0.20% to portray the risk-off mood and favor the US dollar. Moving on, US Producer Price Index for June and the weekly Jobless Claims will decorate the calendar and entertain GBP/USD traders. However, major attention will be given to the Fedspeak and risk catalysts like chatters surrounding recession.Wednesday’s Doji candlestick joins oversold RSI to tease GBP/USD buyers but a clear upside break of the 13-day-old resistance line, near 1.1950, appears necessary for the bulls to take entry.
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