GBP/USD remains under pressure around the 1.2920 mark – by lilyfinancial GBPUSD Majors BOE
UK’s June CPI, renewed USD demand exert pressure on the pair.The GBP/USD pair remains under pressure around 1.2920 heading into the European session. TheThe UK headline Consumer Price Index MoM rose 0.1% in June, below the 0.4% expected and the 0.9% increase in May. On an annual basis, headline CPI dipped to 7.9%, falling short of the 8.2% expected and the 8.7% growth seen in May. The core CPI, excluding volatile food and oil prices, decreased to 6.9% versus the market consensus of 7.1%.
Talking about the US data, US Housing Starts fell 8% MoM in June, following a 15.7% gain in May and below the market consensus of a 7.2% gain. Meanwhile, Building permits declined 3.7% in June from 5.6% prior . Market participants anticipate that the Federal Reserve is nearing the end of its policy tightening cycle and may commit to a more dovish policy stance.
Moving on, investors will watch the US Unemployment Claims and the UK Retail Sales for fresh impetus. Next week, the focus will shift to the Flash Manufacturing Purchasing Managers Index and Flash Services PMI from the US and UK. These figures would significantly impact the pair and help determine the next direction for the GBP/USD pair.
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