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live commentary Post
Pound Sterling grips gains above 1.2900 driven by increased Fed rate-cut bets
By TradeRadius | Fri, 12 Jul 2024 09:21:48 UTC
The Pound Sterling (GBP) clings to gains slightly above the round level of 1.2900 against the US Dollar (USD) in Friday’s London session. The GBP/USD pair rose to a fresh annual high at 1.2950 after softer-than-expected United States (US) Consumer Price Index (CPI) data for June boosted expectations of rate cuts by the Federal Reserve (Fed). Traders bet that the Fed will start reducing interest rates from the September meeting.
The US CPI report showed that annual headline and core inflation, which strips off volatile food and energy prices, decelerated to 3% and 3.3%, respectively. On month, the headline inflation deflated for the first time in four years, prompted confidence that price pressures are on course to return to the desired rate of 2% and high inflationary pressures in the first quarter were a one-time blip.
Softer-than-expected inflation readings have weighed heavily on the US Dollar and boosted Fed officials' confidence that the disinflation process has resumed. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, remains on the backfoot below 104.50.
On Thursday, San Francisco Fed Bank President Mary Daly said recent cooler inflation readings and easing labor market conditions have made one or two rate cuts appropriate for this year.
In Friday’s session, investors will focus on June’s US Producer Price Index (PPI) data, which will be published at 12:30 GMT. Economists expect that headline and core producer inflation accelerated in June on a monthly as well as annual basis.
Daily digest market movers: Pound Sterling capitalizes on UK political stability
Technical Analysis: Pound Sterling posts fresh annual high near 1.2950
The Pound Sterling posts a fresh annual high at 1.2950 against the US Dollar on Thursday. The GBP/USD pair strengthens after a breakout of an inverted Head and Shoulder (H&S) pattern formed on a daily timeframe. The neckline of the above-mentioned chart pattern is plotted near 1.2850, and a breakout of the H&S formation results in a bullish reversal.
Advancing 20-day Exponential Moving Average (EMA) near 1.2766 suggests that the near-term trend is bullish.
The 14-day Relative Strength Index (RSI) established into the bullish range of 60.00-80.00, indicating that the momentum has leaned to the upside.
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