GBP/USD slumps below 50-DMA ahead of US inflation, UK’s GDP figures – by christianborjon GBPUSD Currencies Majors
ft across the board as speculators prepare for the release of inflation data in the United States . The GBP/USD is trading at 1.2724, down 0.18%The Pound Sterling remains trading within a narrow range amid the lack of catalyst during the first part of the week, as UK’s economic docket will reveal its first part of market moving data on Friday, with Gross Domestic Product for Q2 on its preliminary reading expected to decelerate to 0%, below the prior’s quarter 0.1% growth, on QoQ data.
Across the pond, the US Department of Labor would release the July inflation report, which is expected to show the US economy deflationary process remains underway, but not as fast as Fed officials expected. The Consumer Price Index, monthly and annually, is foreseen to hit 0.2% and 3%, respectively. Monthly data would remain unchanged from June’s, while year-over-year would show an improvement from 3.3%. Excluding volatile items, the so-called core CPI is projected to remain at 0.
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