GBP/USD edged higher on Tuesday (5/20), edging closer to (but still not quite reaching) the 1.3400 level. Cable is heading into a series of key inflation and business outlook data releases, with UK Consumer Price Index (CPI) inflation due on Wednesday, with UK and US Purchasing Managers' Index (PMI) surveys due on Thursday.
Trade headlines remain the main driver of global markets this week. Investors remain hopeful that a deal will be reached with the US that would prompt the Trump administration to move the tariff weapon away from its own economy, but the steady march into the unknown is starting to limit bullish sentiment. The Trump administration is fast approaching its self-imposed 90-day deadline on its own "reciprocal tariff" package. While several potential trade deals have been announced, nothing concrete has been forthcoming.
UK CPI inflation for April is due to print on Wednesday morning. The median market forecast is calling for a monthly CPI jump to 1.1% MoM from 0.3% previously. Annual CPI is also expected to rise, forecast to reach 3.3% from 2.6%. UK core CPI inflation is also expected to rise, forecast to rise to 3.6% YoY from 3.4%.
Thursday will see dual PMI releases for the UK and US. Markets are expecting a big rise in the indexed forward-looking business survey results, while US figures are expected to be mixed. The US Manufacturing PMI in May is expected to fall to 50.1 from 50.2, while the Services component is expected to remain flat at 50.8. (alg)
Source: FXstreet
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