pair bounced off its lows on data showing strong wage growth, which may potentially delay the first Bank of England rate cut. Other GBP crosses did even better as the odds of a June rate cut fell. However, despite its slight recovery, the GBP/USD stayed below the broken 1.25 handle, with traders continuing to largely favor thein what has been a risk-off environment amid the escalation of the of the geopolitical risks in the Middle East.
We had more forecast-beating US data supporting the greenback on Monday, as retail sales rose by more than expected to 0.7% month-on-month. The sales data underscores the surprising resilience of the US consumer and undermines the Fed’s ability to cut rates. TheBut right now, it is mostly haven flows amid ongoing Middle Eastern concerns that is driving the markets, and keeping the dollar higher.
While a few US macroeconomic indicators are on the agenda for the upcoming week, the next major US data release is not expected until later in the month, with the Fed's preferred inflation gauge set to be published on April 26– i.e., Core PCE index.
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