The Pound Sterling (GBP) is notably bearish for Thursday, briefly breaking beneath the 1.2400 major handle against the Greenback (USD) as bears keep t
figures for the UK slipped more than markets expected, with the July figure decreasing by 0.5%, worse than the expected 0.2% decline and wiping out the previous month’s 0.5% gain.Industrial Production for the same month also missed forecasts, with July’s figure printing a worse-than-expected -0.7% , taking a big chunk out of the previous month’s 1.8% increase.
US Consumer Price Index figures on Wednesday provided plenty of support for the USD, with inflation figures for the month of August coming in as expected at 0.6%, an acceleration from the previous month’s 0.2%.Initial Jobless Claims for the week into September 8th came in better than expected, printing at 220K new claimants versus the forecast 225K. The previous week came in at 217K.
The PPI for August came in above forecast, clocking in at 0.7% versus the expected 0.4%, which was in-line with the previous figure. Retail Sales also improved, ticking up to 0.6% against the previous month’s 0.5% showing, and reversing the market forecast slowdown to 0.2%. Friday will see the economic calendar firmly in the hands of Greenback bulls, with the Michigan Consumer Sentiment Index slated to show a minor decline from 69.1 to 69.5. If the indicator prints at or above expectations, it could give the USD just the bump it needs to extend gains into the weekly close.The Pound Sterling has chalked in a new daily low below the 1.2400 handle in Thursday trading.
A continued slide in the GBP/USD pair will see late May’s swing lows near 1.2300 challenged, while a relief rally for bidders will see the last swing low near 1.2550 acting as near-term resistance.
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