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British Pound weakens against US Dollar as headline PCE beats forecasts

  
  • GBP/USD drops to a five-day low following the release of US PCE data.
  • Headline inflation exceeds forecasts, while core PCE comes in as expected.
  • Traders now await Fed Chair Kevin Warsh’s Jackson Hole speech on Friday.
    
     

GBP/USD falls to a five-day low on Wednesday as traders react to the latest United States (US) Personal Consumption Expenditures (PCE) Price Index data. At the time of writing, the pair trades around 1.3603, down roughly 0.33% on the day. 

  The headline PCE Price Index rose 0.2% MoM in July, above the 0.1% forecast and reversing the 0.1% decline recorded in June. On an annual basis, headline inflation held steady at 3.7%, above market expectations of 3.6%.




     

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