GBP is aiming high. Overview for 16.11.2022
The British pound against the US dollar continues growing. The current quote is 1.1860.
The weakness of the USD is actively used by pound fans to help the GBP recover after preceding crashes.
On Wednesday, a large block of statistics is due in Great Britain. Take a look at the CPI in October. British inflation m8ght have sped up to 10.05% y/y against 10.1% previously. Frankly speaking, these results are scary. Base inflation might have grown to 6.6% y/y from 6.5% earlier.
Also, input-output PPI is to be published, and they will show the dynamics in the real sector. The retail sales index is to be presented as well.
In fact, we are interested in the comments of the Bank of England after the reports are published. Earlier, the BoE mentioned that the interest rate will continue growing but gave not levels neither terms. Verbal interventions have almost no effect on the capital market.
A certain decline in inflation pressure will give extra support to the pound.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.