GBP/USD holds ground in the positive territory, hovering around 1.2650 during the Asian session on Tuesday. The pair gained ground on improved risk appetite ahead of Consumer Price Index data scheduled on Wednesday.
GBP/USD gained ground on risk-on sentiment ahead of US consumer prices. CME FedWatch Tool suggests the likelihood of a Fed rate cut in June has decreased to 51.1%. BRC Like-For-Like Retail Sales grew by 3.2% YoY in March, marking the strongest growth since August 2023. The US Dollar faces challenges amid market fluctuations, influenced by the cautious stance of the Federal Reserve .
This boost was largely attributed to an early Easter period, which led to increased food sales ahead of the extended weekend. Moving forward, the Pound Sterling could be influenced by the release of monthly Gross Domestic Product and factory data for February, scheduled for publication on Friday.Bank of England Governor Andrew Bailey is expected to appear on Tuesday. However, he may not delve much into discussions regarding the economy or policy during this session.
GBP/USD Risk-On Sentiment US Consumer Prices CME Fedwatch Tool Rate Cut BRC Like-For-Like Retail Sales Federal Reserve Inflation
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