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The GBP/USD pair has been in a strong bearish trend in the past few months as investors focus on the recent monetary policy by the Fed and BOE. While the two hiked interest rates, the BOE sounded a bit dovish as Andrew Bailey warned about a potential recession.on Wednesday. Therefore, investors will focus on the latest American inflation data. Economists expect these numbers to show that the country’s inflation declined slightly in April.
On a month-on-month basis, the CPI is expected to have declined from 1.2% to 0.2% in April. This decline is expected to translate to a 8.1% on a year-on-year basis. At the same time, the core CPI is expected to have dropped from 0.3% to 0.4%. On a YoY basis, the core CPI is expected to have fallen from 6.5% to 6.0%.
Inflation is an important data considering that it forms an important part of the Fed’s dual mandate. Therefore, a sign that inflation has peaked will send a signal that the Fed will slow its extremely hawkish sentiment. Another important data to watch will be real earnings. Economists expect the data to show that the metric improved from -1.1% to -0.6%. This figure measures wages and salaries normalized for inflation. The other key data to watch will be the American federal budget balance. While it is an important data, its impact on the GBP/USD pair will be little.It is trading at 1.2320, where it has been in the past few days.
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