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live commentary Post
Pound Sterling remains firm above 1.2700 with eyes on UK inflation
By TradeRadius | Tue, 21 May 2024 08:27:24 UTC
The Pound Sterling (GBP) exhibits a firm footing, trading slightly above 1.2700 in Tuesday’s European session. The next move in the GBP/USD pair will likely be guided by the United Kingdom Consumer Price Index (CPI) data for April and the Federal Open Market Committee (FOMC) minutes for the May meeting, which will be published on Wednesday.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, remains steady near 104.60 as investors look for fresh cues about when the Federal Reserve (Fed) will start reducing interest rates. Investors await the FOMC minutes to get a deep understanding of policymakers’ views on the interest-rate outlook.
The impact of the FOMC minutes on markets could be light as the inflation outlook in the US has changed significantly since the last Fed meeting. Inflation declined as expected in April, signalling that the progress in the disinflation process has restarted after failing to do so during the January-March period. As the last Fed meeting was held before the release of the latest inflation print, the communication from Fed officials over interest rates is expected to be significantly hawkish.
Despite April’s decline in US inflation, Fed officials seem to still lack confidence that price pressures will sustainably return to the desired rate of 2%. On Monday, Fed Vice Chair for Supervision Michael Barr said that "Q1 inflation was disappointing, did not provide the confidence needed to ease monetary policy". Barr vowed for allowing more time for a tight policy stance to do its job.
Daily digest market movers: Pound Sterling moves higher despite steady US Dollar
Technical Analysis: Pound Sterling trades above 1.2700
The Pound Sterling extends its winning spell for the third trading session on Tuesday but prices hover inside Monday’s trading session, suggesting that investors await fresh triggers for further action. The GBP/USD pair advances to an almost two-month high near 1.2700. The Cable is expected to remain in the bullish trajectory as all short-to-long-term Exponential Moving Averages (EMAs) are sloping higher, suggesting a strong uptrend. The Cable has retraced 61.8% of losses from March’s high around 1.2900.
The 14-period Relative Strength Index (RSI) has shifted into the bullish range of 60.00-80.00, suggesting that the momentum has leaned toward the upside.
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