The Pound Trades Sideways Ahead of Key Macroeconomic Data Releases
Currency pairs GBP/USD and EUR/GBP continue to exhibit moderate volatility, consolidating within narrow ranges as markets await the release of GDP figures from both the UK and the eurozone. Market participants remain cautious, awaiting key economic indicators that could set the direction for these currency pairs.
Additional attention is focused on today’s US trading session, which will feature a speech by Federal Reserve Chair Jerome Powell, along with the release of US retail sales data and the Producer Price Index (PPI). Against a backdrop of persistent disinflation and rising geopolitical uncertainty, investors will be closely analysing Powell’s comments for any signals regarding the timing of future interest rate changes.
Any clear assessment of the US economy or a dovish shift in tone could have a significant impact on the dollar’s trajectory — and by extension, influence the GBP/USD pair. Until then, the market is expected to remain in wait-and-see mode, with sideways movement likely to dominate.
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