GBP/USD snaps three-day downtrend near 1.2000, Fed’s Powell, US ADP Employment Change eyed – by anilpanchal7 GBPUSD Inflation Fed BOE RiskAppetite
As per the latest data from the British Retail Consortium , the cost of fresh food sold in British shops increased in November at the fastest annual rate since records began in 2005, to 14.3% per Reuters.
Other details from the news mentioned, “Other food item prices surged at the fastest pace on record to 12.4% in November, up from 11.6% the month before. Overall shop price inflation rose to 7.4%, a record for the index which started 17 years ago, and up from 6.6% in October.”Governor Andrew Bailey said that the UK labor market has turned out to be much more constrained than we thought.
Other than the likely aggressive BOE, easing Covid fears from China also seemed to have underpinned the GBP/USD pair’s latest rebound. That said, the dragon nation registered the second consecutive fall in daily infections, to 37,828 at the latest. Previously, China announced multiple measures to ease the strict lockdown in the key areas after witnessing a retreat in the daily Covid infections from a record high. Even so, the world’s second-largest economy kept its Zero-Covid policy intact.
On the same line could be the softer US Conference Board Consumer Confidence Index for November which dropped to 100.2 versus 102.2 prior ., mainly due to the latest hawkish rhetoric among the policymakers seem to test the GBP/USD pair buyers. Additionally challenging the pair buyers could be the fears of a nationwide strike of the UK government employees and fears of recession due to the latest changes in the fiscal policies.
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