GBP/USD climbs above 1.28 handle after softer US PPI
The GBP/USD climbed above the 1.28 handle after today's release of a weaker US PPI report caused a mild drop in the dollar. Earlier we had mixed-bag UK employment data helping to lift the pound across the board.
The GBP/USD pair will be facing more tests later this week with CPI inflation and retail sales data to come from both sides of the pond. In recent days, market volatility has died down and the US dollar has fallen against the high-beta commodity dollars and risen against low-yielding currencies like the Japanese yen.
If we don’t see any upside surprises in US CPI inflation and activity data later this week, this should cause the US dollar to fall further and support the GBP/USD modestly further.
By Fawad Razaqzada, market analyst at FOREX.com
The GBP/USD pair will be facing more tests later this week with CPI inflation and retail sales data to come from both sides of the pond. In recent days, market volatility has died down and the US dollar has fallen against the high-beta commodity dollars and risen against low-yielding currencies like the Japanese yen.
If we don’t see any upside surprises in US CPI inflation and activity data later this week, this should cause the US dollar to fall further and support the GBP/USD modestly further.
By Fawad Razaqzada, market analyst at FOREX.com
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