GBP/USD seesaws near 200-day EMA hurdle as UK jobs report, US CPI loom – by anilpanchal7 GBPUSD BOE Fed Inflation Employment
Hopes of overcoming labor crisis, US Dollar pullback underpin bullish bias.
Upbeat UK jobs report may offer intermediate strength to GBP/USD but major attention should be given to US CPI.bulls take a breather around mid-1.2100s heading into Tuesday’s London open, after posting the biggest daily jump in a month. In doing so, the Cable pair fails to cheer the US Dollar weakness as traders seem cautious ahead of the UK jobs report.
It should be noted that the cautious optimism surrounding the Bank of England’s next move also weigh on the GBP/USD price. That said, the latest Reuters poll said that the Bank of England to lift bank rate 25 basis points to 4.25% in March and then pause. On the same line, BoE policymaker Jonathan Haskel cited a rise in inactivity in the UK labor market. BoE’s Haskel also mentioned, “I would prefer to make policy with much more attention on the data flow over the next few months.
That said, the US inflation expectations, as per the 10-year and 5-year breakeven inflation rates from the St. Louis Federal Reserve eased from monthly highs to 2.31% and 2.44% at the latest. Even so, Fed Governor Michelle Bowman said on Monday that the Federal Reserve will need to continue to raise interestin order to get them to a level high enough to bring inflation back down to the central bank's target rate, per Reuters.
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