GBP/USD retreats towards 1.1850, UK politics, wage increase and inflation eyed – by anilpanchal7 GBPUSD Politics Inflation Fed Recession
pair eases to 1.1867 during the initial hour of Monday’s Asian session.
That said, “Boris Johnson will next week offer pay rises averaging about 5 percent to millions of public sector workers, but ministers fear that below-inflation deals across the economy could trigger months of strikes,” said the Financial Times . The news also adds, “The pay offer will be higher than originally proposed by government; ministers will argue it will help nurses, teachers and others cope with the cost of living crisis as inflation is expected to top 11 percent in the autumn.
It’s worth noting that softer US inflation expectations and mixed comments from the Fed policymakers appeared to have weighed on the US dollar the previous day. That said, US Retail Sales for June grew 1.0% MoM versus 0.8% expected and -0.1% prior whereas the University of Michigan's Consumer Confidence Index edged higher to 51.5 in July's flash estimate, versus 49.9 expected and 50.0 prior. However, the Index of Consumer Expectations declined to its lowest level since May 1980 at 47.3.
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