{"id":60765,"date":"2023-04-19T10:55:05","date_gmt":"2023-04-19T07:55:05","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=60765"},"modified":"2025-10-17T11:10:05","modified_gmt":"2025-10-17T08:10:05","slug":"uk-inflationary-pressures-persist","status":"publish","type":"post","link":"https:\/\/www.ironfxcn.com\/nl\/uk-inflationary-pressures-persist\/","title":{"rendered":"UK inflationary pressures persist"},"content":{"rendered":"<p>The USD edged lower against its counterparts yesterday, yet the overall sideways movement seems to remain despite some hawkish comments made by St. Louis Fed President Bullard that he leans towards more monetary policy tightening possibly 75 basis points rate hikes in the coming meetings, while Atlanta Fed President Bostic seems to favor just one more rate hike. As for US stock markets we tend to note that yesterday there were mixed signals. It should be noted that Goldman Sachs despite a drop of the revenue figure showed an improved profitability. It seems that the cost-cutting drive implemented by Goldman\u2019s management at the beginning of the year, finally kicked in. Nevertheless the improved profitability was not able to save Goldman\u2019s share price from falling yesterday.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Focus on Canada\u2019s inflation metrics\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/9EuQtq4QQJA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Back in the FX market, we note that investors and analysts became more pessimistic about the outlook of the German economy according to ZEW, while conditions on the ground seem to be improving. The pessimism expressed about the German economy may also be related to the disagreement expressed within EU circles on whether the Union can decouple from China or not, a huge issue to which the German economy is particularly sensitive. Also, we note the release of the UK\u2019s employment data for February that showed that despite the unemployment rate ticking up the UK employment market was able to create a high number of new jobs despite expectations for the employment figure to drop. The release may allow BoE to maintain a hawkish stance which in turn could support the GBP. It should be noted that the persistence of the UK\u2019s inflationary pressures exactly stresses the need for more rate hikes by BoE. Currently, the market expects BoE to proceed with a 25-basis points rate hike in its next meeting with GBP OIS implying a 72% probability for such a scenario to materialize, which in turn may keep the pound supported at a monetary level. Last but not least we note the slowdown (largely as expected both on a core and a headline level) of Canada\u2019s CPI rates for March which may allow BoC to solidify its stance to remain on hold and thus could weaken CAD. On the other hand, we have to note BoC Governor Macklem\u2019s comments that the Canadian economy is on the course for a soft landing, which may encourage CAD traders.<\/p>\n\n\n\n<p>GBP\/USD remained relatively unchanged yesterday, staying comfortably between the 1.2465 (R1) resistance line and the 1.2270 (S1) support line. We tend to maintain our bias for the sideways motion to continue, especially after cable\u2019s price action was able to break the upward trendline guiding it since mid-March. Please also note that the RSI indicator below our 4-hour chart runs along the reading of 50 enhancing the possibility of a steady course by cable. Should the bears actually take charge of the pair\u2019s direction we may see it breaking the 1.2270 (S1) support line and aim for the 1.2115 (S2) support level. Should the bulls take the reins of the pair\u2019s direction, we may see cable breaking the 1.2465 (R1) resistance line and aim for the 1.2660 (R2) level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>During today\u2019s European session, we note the release of the Eurozone\u2019s final HICP rates for March, while on the monetary front, ECB\u2019s chief economist Lane speaks. In the American session, we note the release of Canada\u2019s House starts and Producer Prices, both being for March, while oil traders are expected to keep an eye out for the weekly EIA crude oil inventories figure. On the monetary front, please note that ECB\u2019s board member Schnabel is scheduled to speak. During tomorrow\u2019s Asian session, we highlight the release of New Zealand\u2019s CPI rates for Q1 and Japan\u2019s trade data for March. As for speakers we note that Chicago Fed President Goolsbee, BoE MPC member Tenreyro and NY Fed President Williams are scheduled to make comments.\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gbp-usd-h4-chart\"><strong>GBP\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/04\/image-87.png\" alt=\"support at one point two two seven and resistance at one point two four six five, direction sideways  \" class=\"wp-image-60766\" title=\"gbp-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.2270 (S1), 1.2115 (S2), 1.1925 (S3)<\/p>\n\n\n\n<p>Resistance: 1.2465 (R1), 1.2660 (R2), 1.2865 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-h4-chart\"><strong>EUR\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/04\/image-88.png\" alt=\"support at one point zero eight five five and resistance at one point one, direction upward   \" class=\"wp-image-60767\" title=\"eur-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.0855 (S1), 1.0695 (S2), 1.0530 (S3)<\/p>\n\n\n\n<p>Resistance: 1.1000 (R1), 1.1140 (R2), 1.1270 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1988\" height=\"490\" src=\"\/wp-content\/uploads\/2023\/04\/image-93.png\" alt=\"\" class=\"wp-image-60772\" title=\"benchmark-19-04-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1062\" height=\"603\" src=\"\/wp-content\/uploads\/2023\/04\/image-92.png\" alt=\"\" class=\"wp-image-60771\" title=\"table-19-04-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"792\" height=\"714\" src=\"\/wp-content\/uploads\/2023\/04\/image-94.png\" alt=\"\" class=\"wp-image-60773\" title=\"morning-releases-19-04-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD edged lower against its counterparts yesterday, yet the overall sideways movement seems to remain despite some hawkish comments<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60765","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forex blog - IronFX\u2122 | UK inflationary pressures persist<\/title>\n<meta name=\"description\" content=\"The USD edged lower against its counterparts yesterday, yet the overall sideways movement seems to remain despite some hawkish\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/nl\/wp-json\/wp\/v2\/posts\/60765\/\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK inflationary pressures persist\" \/>\n<meta property=\"og:description\" content=\"The USD edged lower against its counterparts yesterday, yet the overall sideways movement seems to remain despite some hawkish\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfxcn.com\/nl\/uk-inflationary-pressures-persist\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T07:55:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T08:10:05+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"UK inflationary pressures persist\",\"datePublished\":\"2023-04-19T07:55:05+00:00\",\"dateModified\":\"2025-10-17T08:10:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/\"},\"wordCount\":753,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"nl-NL\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/\",\"url\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/\",\"name\":\"Forex blog - IronFX\u2122 | UK inflationary pressures persist\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/#website\"},\"datePublished\":\"2023-04-19T07:55:05+00:00\",\"dateModified\":\"2025-10-17T08:10:05+00:00\",\"description\":\"The USD edged lower against its counterparts yesterday, yet the overall sideways movement seems to remain despite some hawkish\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/#breadcrumb\"},\"inLanguage\":\"nl-NL\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/uk-inflationary-pressures-persist\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK inflationary pressures persist\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfxcn.com\\\/nl\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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