Daily digest market movers: Pound Sterling remains weak against US Dollar ahead of US PPI ...từ hagijeee

13 Oct 2024, 17:27 · Lượt xem 65

The Pound Sterling edges lower against the US Dollar (USD) on Friday. The GBP/USD pair trades slightly above the monthly low of 1.3010, but the outlook is cautious as the Greenback remains firm. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, holds onto gains near 103.00.
The US Dollar clings to gains as hotter-than-expected United States (US) Consumer Price Index (CPI) data for September kept the scope of the Federal Reserve (Fed) to reduce interest rates by 50 basis points (bps) again in the November meeting off the table.
Thursday’s CPI report showed that the annual core inflation – which excludes volatile food and energy prices – accelerated to 3.3%. The headline inflation rose by 2.4%, faster than estimates of 2.3% but slower than the August print of 2.5%.
However, traders are confident that the Fed will cut interest rates next month but at a gradual pace of 25 bps, according to the CME FedWatch tool. Also, a majority of Fed policymakers see more rate cuts as appropriate.
On Thursday, New York Fed Bank President John Williams said at an event at Binghamton University, "Based on my current forecast for the economy, I expect that it will be appropriate to continue the process of moving the stance of monetary policy to a more neutral setting over time."
On the economic data front, investors will focus on the US Producer Price Index (PPI) data for September, which will be published at 12:30 GMT. The annual headline PPI is estimated to have decelerated to 1.6% from 1.7% in August. On the contrary, the core PPI – which strips off volatile food and energy prices – is expected to have accelerated at a faster pace to 2.7% from 2.4% in August.

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