The GBP/USD currency pair has been experiencing a correction in recent days, dropping below the key level of 1.25. This has been attributed to a number of factors, including concerns over Brexit negotiations and a stronger US dollar. However, there are several key US data releases anticipated in the coming weeks that could have a significant impact on the currency pair.
One of the most important data releases is the US non-farm payrolls report, which is due to be released on Friday, July 5th. This report provides a snapshot of the US labor market, including the number of jobs added or lost in the previous month, as well as the unemployment rate and average hourly earnings. A strong report could boost the US dollar and put further pressure on the GBP/USD pair.
Another important release is the US Consumer Price Index (CPI), which is due to be released on Thursday, July 11th. This report measures inflation in the US economy and is closely watched by investors and policymakers alike. A higher-than-expected CPI reading could lead to speculation of an interest rate hike by the Federal Reserve, which would also strengthen the US dollar.
In addition to these key data releases, there are several other economic indicators that could impact the GBP/USD pair. These include the US trade balance, retail sales, and manufacturing data. Any surprises in these reports could lead to increased volatility in the currency markets.
It is worth noting that the GBP/USD pair has been particularly sensitive to Brexit-related news in recent months. Any developments in the ongoing negotiations between the UK and EU could also impact the currency pair. With a new UK Prime Minister set to take office in July, there is likely to be increased uncertainty and volatility in the coming weeks.
Overall, there are several key US data releases anticipated in the coming weeks that could impact the GBP/USD currency pair. Traders and investors should keep a close eye on these releases and any developments in the Brexit negotiations to stay ahead of market movements.
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