The GBP/USD jumped as the US dollar declined broadly. This performance was mostly because of the latest data by the American government. The data showed that the country’s consumer prices continued rising in December as the Omicron continued to cause supply chain disruptions.
The core CPI, which excludes the volatile food and energy prices, rose from 4.9% in November to 5.5% in December. It rose slightly from 0.5% to 0.6% on a month-on-month basis. In theory, the GBP/USD pair should have declined because of the rising inflation. Besides, the Federal Reserve chair warned that the Fed will quicken the hiking cycle if inflation remains stubbornly high.
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