Daniela Hathorn

GBP/USD turned bearish on Wednesday after being rejected at 1.28 the day prior. It’s not the first time the pair has been rejected at that level which suggests it has become somewhat of a psychological barrier, at which buyers need to show increased commitment to overcome.

US equity indices pull back from recent highs as traders prepare for the US PCE data

Crude oil prices extend their losses on Thursday. US crude (WTI) has pulled back to $78.50 per barrel, ending the bullish attempt to regain the $80 handle after bouncing from $76 earlier this week.

USD/JPY attempts to build bullish momentum but fears of FX intervention limit the advances

Gold and Silver move higher after last week’s pullbacks but the precious metals are struggling with resistance ahead of the US PCE release.

Copper price drops over 5% on Thursday as traders take profits following the FOMC meeting minutes.

Market pricing has tipped in favour of ‘no rate cut’ at the upcoming Bank of England (BoE) meeting in June after UK CPI came in higher than expected this morning. Markets were assigning a 50/50 chance of a rate cut in June before the CPI release according to data from Reuters. The probability of a cut has now dropped to 15%.

The latest round of inflation data will be released at 22 April at 7 am BST and investors are likely going to be paying close attention.

The rate of growth in US consumer prices dropped in April leading markets to price in more chances of rate cuts from the Fed

GBP/USD trades with caution ahead of the US and UK inflation reports