{"id":28637,"date":"2024-06-28T11:25:04","date_gmt":"2024-06-28T11:25:04","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=28637"},"modified":"2024-06-28T11:25:04","modified_gmt":"2024-06-28T11:25:04","slug":"pound-sterling-steady-ahead-of-us-core-pce-inflation-data","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/pound-sterling-steady-ahead-of-us-core-pce-inflation-data\/","title":{"rendered":"Pound Sterling Steady Ahead of US Core PCE Inflation Data"},"content":{"rendered":"

Pound Sterling Steady Ahead of US Core PCE Inflation Data<\/strong><\/h1>\n

The Pound Sterling (GBP) remains subdued against the US Dollar (USD) during Friday\u2019s London session. The GBP\/USD<\/strong><\/a> pair has edged down this week as investors exercise caution ahead of the US core Personal Consumption Expenditures (PCE) Price Index data for May, set to be released today.<\/span><\/p>\n

The core PCE inflation data, the Federal Reserve\u2019s (Fed) preferred inflation measure, is projected to have slowed to 2.6% year-over-year (YoY) from April\u2019s 2.8%. On a monthly basis, the underlying inflation is expected to have increased modestly by 0.1%, compared to the previous rise of 0.2%.<\/span><\/p>\n

Soft inflation figures could raise expectations for early rate cuts by the Fed, while higher-than-expected numbers would likely diminish prospects for rate cuts, thereby strengthening the US Dollar. Currently, the US Dollar Index (DXY), which measures the Greenback\u2019s value against six major currencies, is trading near the critical resistance level of 106.00.<\/span><\/p>\n

According to the CME FedWatch tool, 30-day fed funds futures pricing data indicate that traders have priced in two rate cuts for this year, with the policy-easing cycle expected to begin at the September meeting. However, Fed officials have been advocating for maintaining current interest rates until there is clear evidence that inflation is on a steady decline towards the target rate of 2%.<\/span><\/p>\n

On Thursday, Fed Governor Michelle Bowman reiterated that it is not yet appropriate to reduce interest rates, warning of potential further rate hikes if progress in reducing inflation stalls or reverses. This stance underscores the Fed\u2019s cautious approach to policy changes, aiming to ensure that inflation trends are firmly under control before considering any rate cuts.<\/span><\/p>\n

As the market awaits the core PCE data, the GBP\/USD pair is likely to continue experiencing subdued trading. Investors will be closely watching the inflation figures to gauge the Fed\u2019s next moves, which will significantly influence the USD\u2019s strength and the GBP\/USD pair\u2019s direction in the near term.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Pound Sterling Steady Ahead of US Core PCE Inflation Data The Pound Sterling (GBP) remains subdued against the US Dollar (USD) during Friday\u2019s London session. The GBP\/USD pair has edged down this week as investors exercise caution ahead of the US core Personal Consumption Expenditures (PCE) Price Index data for May, set to be released<\/p>\n... continue reading<\/a>.","protected":false},"author":1,"featured_media":28638,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[94,266,217,310,162,2576,2646,242,2313],"yoast_head":"\r\nPound Sterling Steady Ahead of US Core PCE Inflation Data<\/title>\r\n<meta name=\"description\" content=\"The GBP\/USD pair has edged down this week as investors exercise caution ahead of the US core Personal Consumption Expenditures\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/pound-sterling-steady-ahead-of-us-core-pce-inflation-data\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Pound Sterling 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