Investors may be taking a cautious approach on the GBP ahead of BoE Governor Bailey’s comments today. But the broader uptrend in Cable remains intact, economists at Scotiabank report.
Price action still looks basically consolidative.“Bailey’s (recent) public comments have cautioned investors against making any assumptions about the policy rate outlook, however, and he may take the same, neutral approach today if the issue comes up.”
“Sterling has lost a bit of momentum but price action still looks basically consolidative after the GBP’s early April peak around 1.2525.”
“The broader uptrend in spot remains intact and longer-term momentum studies are bullish. The intraday patterns are more neutral, with the GBP capped by resistance at 1.2455 (bullish above here).”
US Dollar suffers losses as inflation in US softens in March – LIVE
The US Dollar (USD) came under heavy selling pressure in the early American session on Wednesday. The data from the US showed that the annual inflation, as measured by the Consumer Price Index (CPI), declined to 5% in March from 6% in February.
FOLLOW US LIVE
EUR/USD surges toward 1.1000 after US CPI report
EUR/USD has gathered bullish momentum and advanced to fresh multi-month highs near 1.1000 on Wednesday. After the data from the US showed that the annual CPI fell more than expected in March, the US Dollar came under pressure, fueling the pair’s rally.
EUR/USD News
GBP/USD climbs above 1.2450 on renewed USD weakness
After having declined toward 1.2400 earlier in the session, GBP/USD has reversed its direction and rose above 1.2450. The US Dollar Index fell sharply with the immediate reaction to the softer-than-expected CPI data from the US, providing a boost to the pair.
GBP/USD News
Gold rallies toward $2,030 as US yields turn south after US inflation data
Gold price has rallied to a fresh weekly high near $2,030 on Wednesday. The benchmark 10-year US Treasury bond yield is down nearly 2% below 3.4% following the March inflation data from the US, allowing XAU/USD to gather further bullish momentum.
<a href=”https://clicks.pipaffiliates.com/c?m=7670&c=503446″><img src=”https://ads.pipaffiliates.com/i/7670?c=503446″ width=”120″ height=”600″ /></a>
Free Forex Signals 