GBP/USD jumps to 1.2535 area, highest since June 2022 amid notable USD supply – by hareshmenghani GBPUSD UnitedStates PPI Fed Currencies
and turns out to be a key factor pushing the GBP/USD pair higher. In fact, the US Bureau of Labor Statistics reported that the US PPI fell to the 2.7% YoY rate in March from 4.9% previous . The annual Core PPI, meanwhile, declined to 3.4% during the reported month from 4.5% in February, matching analysts' estimate. On a monthly basis, the PPI and the Core PPI came in at -0.5% and -0.1%, respectively.
This comes on the back of the softer US CPI report on Wednesday and lifted hopes that disinflation is progressing smoothly, reaffirming expectations that the Federal Reserve will soon pause its rate-hiking cycle. Moreover, the markets now expect the US central bank to start cuttingduring the second half of the year, which leads to a further decline in the US Treasury bond yields.
The aforementioned factors, to a larger extent, overshadow the mostly disappointing UK macro data released this Thursday. In fact, the UK Office for National Statistics reported that the economic growth remained flat in February as compared to the 0.1% rise estimated. Adding to this, the UK Manufacturing and Industrial Production figures missed expectations, overshadowing the better-than-expected Trade Balance data.
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