GBP is fighting for the right to rise. Overview for 08.06.2023

The British pound sterling is up again against the US dollar. The current GBPUSD quote is 1.2454.

While the US dollar has retreated locally, the pound is trying to rise higher.

According to the report of the Organization for Economic Cooperation and Development (OECD), the UK expects the highest inflation among the G7 countries in 2023. Thus, the CPI is expected to reach 6.9%. This is higher than in the other G7 countries. Inflation is forecast at 6.1% in France, at 6.4% in Italy, and at 6.3% in Germany. By comparison, the lowest inflation is expected in Japan, running at 2.8%.

The previous forecast of the OECD was to expect the British economy to contract in 2023.

According to the official statistics, UK inflation slowed down slightly to 8.7% y/y in April from 10.1% earlier. These are the latest figures so far.