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GBP/USD rises as U.S. producer price index falls and Trump may remove Powell from office

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Hello everyone, today XM Forex will bring you "[XM Forex Platform]: The pound/dollar rises due to the decline in the US producer price index and the possibility of Trump's removal from Powell's position." Hope it will be helpful to you! The original content is as follows:

The pound/dollar reverses its trend as the latest U.S. producer price index (PPI) reignites hopes of the Fed's interest rate cut, while headlines suggest Trump may fire Fed Chairman Powell. Meanwhile, inflation on the UK consumer side exceeded expectations, which surprised investors. As of press time, the pair was trading at 1.3454, up 0.55%.

Amid speculations that US factory prices are weak and Trump may fire Fed Chairman Powell, the pound/dollar rose 0.55% to 1.3454

The U.S. producer price index (PPI) showed that factory prices remained unchanged in June, although producer xmserving.commodity prices rose 0.3% month-on-month. The annual growth rate of PPI fell from 2.6% to 2.3%, lower than the 2.5% expectation. The base price fell slightly, from 3% to 2.6%, lower than the 2.7% expectation.

Reuters quoted sources, "The threat of inflation remains and is very real. If this cannot rule out the possibility of the Fed's interest rate cut in July, then nothing can be done." At the upcoming meeting, the Fed is expected to maintain the interest rate of 4.25%-4.50%, with a probability of 96.9%.

At the same time, U.S. President Trump reportedly asked Republican lawmakers whether they should fire Fed Chairman Jerome Powell, CBS cited sources.

Bloomberg revealed that according to White House sources, Trump may soon fire Fed Chairman Powell.

Over the Atlantic Ocean, inflation in the UK was recorded from 202At its highest level since January 4, the CPI annual growth rate reached 3.6%, reducing the market's expectations for the Bank of England's interest rate cut. The market is generally expected to rise to 3.4%. In addition, the core CPI also rose, with an annual growth rate of 3.7%, higher than expected and 3.5% in May.

While these data should dispel expectations of rate cuts, investors have priced the probability of a 25 basis point cut in August at 80%.

GBP/USD Price Forecast: Technical Outlook

GBP/USD maintains an upward bias, finding support at the June 23 low of 1.3369, and the seller failed to decisively lower the price to the 1.3350 mark. The buying momentum is increasing due to Trump’s remarks, as shown by the Relative Strength Index (RSI).

If GBP/USD remains above 1.3400, it is expected that the 50-day simple moving average (SMA) 1.3495 will be tested in the near future. Further resistance levels were at 1.3500 and SMA 1.3581 on the 20th. Conversely, if the pair falls below 1.3350, it is expected to test the 100-day SMA1.3270.

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GBP/USD rises as U.S. producer price index falls and Trump may remove Powell from office

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GBP/USD rises as U.S. producer price index falls and Trump may remove Powell from office

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