The Pound Sterling (GBP) remains on the defensive vs. the US Dollar (USD) after data from the United Kingdom showed wages are decelerating. That and a
UK wage growth data comes in below expectations, casting doubts on further BoE rate hikes. US Retail Sales for September surpass expectations, with August data revised upwards. Speculations rise on a potential Fed rate hike in December; CME FedWatch Tool indicates a 42.90% probability. solid Retail Sales report in the United States weighed on Sterling. Therefore, the GBP/USD dipped below 1.2200, a loss of 0.25%.
Still, the Greenback remained trading softer, as shown by the US Dollar Index , dropping 0.05%, at 106.15. Meanwhile, Federal Reserve officials remained hawkish, as Richmond Fed President Thomas Barkin emphasized the US central bank's restrictive policy while adding he’s uncertain where rates would be three weeks from now. Ahead of the week, GBP/USD traders are eyeing inflation figures for September, to be revealed on Wednesday.
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