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Federal Reserve officials said on Thursday that they will continue to raise interest rates to curb high inflation, but they will carefully discuss the level of interest rate hikes, so as not to accelerate an economic recession. Coupled with an upbeat US labor data performance, boosting the dollar, GBPUSD fell under pressure. In addition, with global inflation soaring, the UK consumer confidence index hit a record low in August, weighing on the pound. Although the UK retail sales data which is released just now was better than expected, high inflation and recessionary concerns in the UK persist, coupled with the Fed’s firm hawkish stance, the bearish trend in GBPUSD is likely to continue.
The trend of the GBPUSD can be paid attention to…
-Latest news on the Russian-Ukrainian war
-16:30 UK Manufacturing & Services PMI (August)
-21:45 US Markit Manufacturing & Services PMI Initial Value (August)
-20:30 US Durable Goods Orders (MoM) (July)
-22:00 US Existing Home Contracted Sales Index (MoM) (July)
-20:30 US Unemployment Claims for the week ending 8/20
-20:30 US Core PCE Price Index (YoY) (July)
-22:00 University of Michigan Consumer Confidence Index Final Value (August)
Which will influence the trend of GBPUSD, investors must grasp the timing of placing orders.
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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.