Pound Sterling lacks direction as investors await inflation data – by Sagar_Dua24 GBPUSD Inflation BOE Fed SEO
United Kingdom’s inflation is expected to soften as producers have cut prices at factory gates.Sterling
Market expectations show that June’s monthly inflation grew at a pace of 0.4%, lower than the 0.7% increase seen in May. Annual headline inflation is expected to decelerate to 8.2% from 8.7% a month earlier. Producer prices are expected to remain extremely soft, according to market expectations, adding to evidence of easing price pressures in the pipeline.
A quarterly survey compiled by Deloitte showed that top executives in UK firms expect a slowdown in fresh employment and wage hikes. While higher interest rates by the Federal Reserve have propelled fears of bleak economic prospects, US Treasury Secretary Janet Yellen said on Monday that the economy is making good progress in bringing inflation down and she doesn’t expect a recession, Bloomberg reports.Pound Sterling is still testing its strength in the breakout of the Rising Channel pattern formed on the dailyby a marginal correction. A breakout of this pattern indicates immense strength in the upside momentum.
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