The Pound Sterling (GBP) discovered buying interest after the United Kingdom ONS reported that inflation in September remained higher than expectation
Pound Sterling attempts a recovery move as the UK’s inflation report turned out stickier than anticipated. UK’s headline and core inflation landed higher than expectations at 6.7% and 6.1% respectively. The market sentiment remains risk-off ahead of US President Joe Biden’s visit to Israel. s. The GBP/USD pair could come out of the woods as the stalled inflation report would elevate risks of further policy-tightening by the Bank of England in the November monetary policy meeting.
7%, boosted by higher automobile demand and spending on dining out. The economic data excluding automobiles rose by 0.6%, almost at a double pace from expectations. Meanwhile, investors await the speech from Federal Reserve Chair Jerome Powell, scheduled for Thursday. It would be worth watching whether Fed Powell would join his teammates and favor an unchanged interest rate policy or will deliver hawkish guidance. Technical Analysis: Pound Sterling recovers to near 1.
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