GBP/USD bulls poke 1.2250 with eyes on BoE’s Bailey, Fed’s preferred inflation gauge – by anilpanchal7 GBPUSD BOE Fed RiskAversion Inflation
cession join positive headlines from the UK. However, the cautious mood ahead of this week’s key data/events seems to testThat said, the quote managed to cheer the Bank of England’s 0.50% rate hike with mostly positive economics, as well as the downbeat US Treasury bond yields. However, Friday’s risk-negative headlines tested the GBP/USD buyers before the latest run-up, backed by the weekend news.
Previously, UK Retail Sales offered an upside surprise for February by marking 1.2% MoM growth versus 0.2% expected and 0.9% previous. Further, the Core Retail Sales, which excludes the auto motor fuel sales, rose 1.5% MoM compared to 0.1% market forecasts and 0.9% previous. It’s worth noting, however, that the UK’s preliminary S&P Global/CIPS Services PMI for March came in at 52.8 compared to February’s 53.5 final print and 53.0 expected.
On the other hand, US Durable Goods Orders for February dropped by 1.0% versus January's fall of 5% and the market expectation for an increase of 0.6%. Details suggested that the figure for Durable Goods Orders ex Defense and ex Transportation were also downbeat but Nondefense Capital Goods Orders ex Aircraft came in firmer-than-expected 0.0% to 0.2%, versus 0.3% prior.
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