
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
Britain’s Office for National Statistics will release an annual change in Consumer Price Index on March 23, at 09:00 MT time (GMT+2). This is the UK’s most important price data because central banks use it for setting the inflation target. This release is considerable for all GBP-related pairs, like GBPUSD and EURGBP. Although the reports come out monthly, they represent an annual change by comparing the data with the average price change over the last year. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates.
The last UK CPI release turned out to be a little bit higher than expected. However, as being a safer currency, the dollar rose. As for now, the UK inflation is going to affect the market due to Russia-Ukraine tensions. Because of supply shortages and thousands of restrictions for Russian imports, the UK prices are likely to rise significantly over this year. In few weeks, the gas prices rose from 1.50 to 1.65 pounds per liter. As usual, high prices will lead to rate hikes and harsher monetary policy in the near future. That’s why the Pound Sterling is likely to rise even more against the greenback.
Higher-than-expected numbers will boost the GBP. However, GBPUSD may fall due to the widening wedge technical price pattern.
Check Economic Calendar.
Instruments to trade: GBPUSD, EURGBP, GBPCAD.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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