15 May 2024, GBP/USD
Event to watch out for today:
15:30 GMT+3. USD - Consumer Price Index
GBPUSD:
The Pound-Dollar pair is consolidating around 1.2590 in the early Asian session on Wednesday. The major pair is holding above the key 100-day exponential moving average (EMA) but remains under the 1.2600 barrier. The Consumer Price Index and the U.S. retail sales report for April will be in focus. Fed officials Kashkari and Bowman are also scheduled to speak.
Wholesale inflation, as measured by the producer price index (PPI), hit its highest level in a year, the Bureau of Labor Statistics said Tuesday. The U.S. producer price index rose 2.2 percent year-over-year in April, up from the 1.8 percent recorded in March (revised from 2.1 percent) and in line with the forecast. The core producer price index, which excludes food and energy costs, rose 2.4% over the same period, up from the previous reading of 2.1% and in line with expectations. On a monthly basis, the producer price index and core producer price index rose 0.5% in April from the previous month.
The U.S. Federal Reserve (Fed) said on Tuesday that the April producer price index gives more reason to keep rates on hold for longer, but that doesn't mean the Fed will have to raise rates again. Meanwhile, FRB Cleveland President Loretta Mester said she would still like to see the central bank begin winding down asset purchases this year, adding that the Fed is in a "very good place" to study the economy before charting a path to raise rates.
Trading Recommendation: Watch the 1.2600 level, on a rebound take Sell positions. If consolidated above, consider buying.
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