Pound Sterling stabilizes above 1.2700 ahead of UK Inflation and FOMC minutes

📆 5/21/2024 8:03 AM
📰 FXStreetNews

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BOE,Inflation,Fed

The Pound Sterling (GBP) exhibits a firm footing, trading slightly above 1.2700 in Tuesday’s European session.

The Pound Sterling trades strongly above 1.2700 against the US Dollar ahead of UK inflation data. UK inflation is forecasted to have declined sharply in April. Fed officials continue to support higher interest rates for a longer period. The Pound Sterling exhibits a firm footing, trading slightly above 1.2700 in Tuesday’s European session.

On Monday, Broadbent said: If things continue to evolve with its forecasts – forecasts that suggest policy will have to become less restrictive at some point – then it's possible Bank Rate could be cut sometime over the summer, Reuters reported. Technical Analysis: Pound Sterling trades above 1.

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