In the Asian session on Friday (April 14), the latest price of GBP/USD was 1.2526, and the opening price was 1.2521. GBP/USD was encouraged by US inflation data, while domestic inflation data was mixed, suggesting that GBP/USD recently hit new multi-day highs.
Bank of England Chief Economist Hugh Peel said on Thursday they still expect CPI. Inflation was reported to have eased in the second quarter as energy prices rose sharply from last year. “Bank staff continue to expect GDP to fall by 0.1% in Q1 2023,” the BoE’s Pill added, while adding that the exact path for inflation could be bumpier than we expect. Caution ahead of Friday’s U.S. retail sales for March, Michigan consumer sentiment for April and the University of Michigan’s five-year consumer inflation forecast for this month appeared to challenge the latest pair of buyers. Likewise, BoE hawks are losing steam.
