GBP/USD faces barricades around 1.1500, focus is on US Retail Sales – by Sagar_Dua24 GBPUSD Fed BOE Inflation RetailSales
A lower reading of UK CPI for one time is insufficient to declare exhaustion in price pressures.is inching modestly towards the upside after a rebound from 1.1526 in the late New York session. The pair is expected to remain sideways as investors are awaiting the release of the US Retail Sales data. On a broader note, the asset recovered firmly after a dual-test of a low of 1.1480 on Wednesday. A decline in the UK inflation data against the expectation of an increment supported the pound bulls.
Meanwhile, the US dollar index has turned sideways after a juggernaut rally. The DXY is expected to remain at elevated levels as the street has started speaking about a full percent rate hike by the Federal Reserve in its September monetary policy meeting. The Fed has reached back to the square despite tightening its policy over the past six months. The catalyst which has triggered fears for the Fed is the advancing core CPI data, which landed at 6.3%, higher than the forecasts of 6.1%.
In today’s session, investors’ entire focus will be on the US Retail Sales data. As per the preliminary estimates, the economic data has not shown any growth in retail demand. A stagnancy in consumers’ demand is not fancy for the economy but a sign of decline in the confidence of the consumers in the economy.
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