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Pound steadies near six-month highs vs the dollar ahead of US data

GBP/USD was around 1.3630, with markets looking to Wednesday’s US PCE inflation figures and Friday’s Jackson Hole event for fresh rate signals.

Reported · Written up by our desk · Major Pairs

The British pound held near six-month highs versus the US dollar for a second straight day, with GBP/USD hovering around 1.3630 as trading stayed in a wait-and-see mode, according to FXStreet.

FX volatility was reported as unusually low ahead of key US catalysts, including August’s Personal Consumption Expenditures, PCE, Price Index release on Wednesday and the Jackson Hole central bankers summit on Friday.

FXStreet also highlighted that the market consensus expects sticky inflation, a setup that could reinforce calls for tighter monetary policy from Fed officials.

In addition, FXStreet cited TD Securities analysts saying US dollar positioning has shifted from long to short, and noted that UOB Group expects further pound gains over the next one to three weeks unless GBP falls below 1.3585, with a potential push toward 1.3700.

Latest closeGBP/USD 1.354 ▲0.3%

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