GBP/USD remains below 1.2400

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US monthly Consumer Price Inflation has increased by 0.1% instead of the forecast 0.3%. Year-on-year inflation is at 7.1%, compared to forecast 7.3%. Meanwhile, core CPI month-on-month is at 0.2% instead of 0.3%.

The lower than expected US inflation caused a drop of the US Dollar. The GBP/USD surge almost reached the 1.2450 mark, before retracing to find support at 1.2350. At mid-Wednesday the pair had approached and found resistance in the 1.2400 mark.

In regards to near future, fundamentals continue to dictate the moves. At 19:00 GMT, the US Federal Reserve is set to announce its interest rate hike. The markets expect a 0.50% interest increase. Afterwards, at 19:30 GMT, the head of the Federal Reserve Jerome Powell will host a press conference, during which the future plans of the US Dollar's policymakers will be revealed.
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