The GBP/USD exchange rate remained stuck near its highest level this year as investors waited for an extremely busy week.
exchange rate remained stuck near its highest level this year as investors waited for an extremely busy week. The pair was trading at 1.2400 on Monday morning, slightly below this year’s high of 1.2455.The GBP/USD price was unchanged on Monday as traders reflected on the important economic numbers that came out on Friday. The personal consumption expenditure revealed that inflation held steady in December compared to November. It rose to 0.
This decision will likely set the tone for what to expect in the coming months. Economists believe that the bank will hike interest rates by 0.50% for the second straight month. And with bond yields falling and stocks and crypto rising, the bank will likely sound a bit hawkish. Finally, the US will publish the latest non-farm payrolls on Friday and consumer confidence data on Tuesday. These numbers will help to guide the Fed on the next phase of rate hikes.The 4H chart shows that the GBP/USD pair has been in a steady upward trend in the past few days.
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