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GBPUSD is Trading Above 1.2500 Tuesday’s UK Labour Data Will be of Interest

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GBPUSD is Trading Above 1.2500 Tuesday's UK Labour Data Will be of Interest
  • Perhaps due to a greater willingness to take risks, the GBP/USD pair increased somewhat on Monday.
  • Huw Pill, the chief economist at the BoE, revealed a developing consensus that rate cuts may be imminent.
  • The US Consumer Sentiment Index fell to a six-month low of 67.4 in May, which put significant pressure on the US Dollar.

Monday’s Asian session saw a little increase in the GBP/USD rate, presumably as a result of increased risk appetite. The release of higher-than-expected UK Gross Domestic Product (GDP) data on Friday supported the pound sterling (GBP). The UK economy grew by 0.6% in Q1, above estimates and indicating the end of the country’s short recession. The strongest increase observed in more than two years was this economic recovery.

Huw Pill, the Chief Economist at the Bank of England (BoE), made dovish comments that put the British Pound under pressure. Pill agreed with the majority of the Monetary Policy Committee (MPC) of the Bank of England, which decided on Thursday to keep interest rates at 5.25%. However, he later stated that he was beginning to think that rate cuts would happen soon.

JustMarkets

Market players will probably be watching for the United Kingdom’s (UK) employment data on Tuesday. They anticipate that the Claimant Count Change will indicate a rise in the number of people applying for unemployment benefits in April. Furthermore, a rise in the number of jobless workers in the UK is anticipated by the ILO Unemployment Rate (3M).

Investors in the United States (US) should concentrate this week on the Producer Price Index (PPI), Retail Sales, and Consumer Price Index (CPI) as major economic indicators that could influence the market.

Following the release of the University of Michigan Consumer Sentiment Index, which fell to 67.4 in May from 77.2 in April—a six-month low—and missed the market’s predicted reading of 76 on Friday, the US Dollar (USD) faced difficulties.

The magnitude of these losses might have been mitigated, though, by a rise in inflation forecasts for the upcoming year, which came in at 3.5%, the highest level in six months, as opposed to 3.2% in April. In addition, the six-month high of 3.1% for the five-year inflation projection replaced the previous estimate of 3.0%. These inflation indications may have helped the US Treasury yields rise, which could have strengthened the US dollar.

GBPUSD

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