On Wednesday morning, the GBP/USD pair got stabilized and is ready to respond to the statistics.
The British Pound is growing a little bit against the USD in the middle of the first October week. The current quote for the instrument is 1.3262. It’s the first pause after five “bearish: trading sessions.
The statistics published in the morning showed that the BRC Shop Price Index lost 0.1% y/y in September. In the previous month, the indicator decreased by 0.3% y/y. The price deflation is fading away, and that’s good for the British economy and the Bank of England.
Later in the afternoon, the United Kingdom is going to report on the Services PMI in September. Average expectations are 53.2 points, the same as in August, but it will be better for the Pound to see the Index increasing, even just a little bit. If the indicator remains unchanged during the tourist season, it won’t be good.
In addition to that, the Pound was supported this morning by the fact that the USD got stabilized and stopped rising against the Euro and other traded currencies. Right now, several factors are counting against the American currency. One of them is investors’ concerns about the shortlist of candidates to replace Janet Yellen as the Federal Reserve Chairman. Donald Trump will have to decide on her successor in the nearest future.
RoboForex Analytical Department