08 February 2024, GBP/USD
Events to watch out for today:
15:30 EET. USD - Number of initial applications for unemployment benefits / FOMC member Thomas Barkin to give a speech
17:00 EET. GBP - Catherine L. Mann, a member of the Bank of England's ILC, will deliver the speech
GBPUSD:
The Pound to Dollar pair gained momentum during the early Asian session. The growth of the main pair was favoured by the growth of house prices in the UK, which supported bets that the Bank of England (BoE) is unlikely to cut interest rates in the near future. Today will see a speech from Bank of England Governor Catherine L Mann.
Earlier this week, Fed Chairman Jerome Powell said that March is too early to start cutting rates, and investors continue to predict a first rate cut in June. Four Fed chiefs Adriana Kugler, Boston Fed President Susan Collins, Minneapolis Fed President Neel Kashkari and Thomas Barkin of Richmond have not indicated when the U.S. central bank might start cutting the benchmark lending rate from a twenty-year high. However, FRB Minneapolis President Kashkari said the U.S. central bank needs more time to gain confidence in the inflation outlook before it starts cutting rates.
On Wednesday, UK house price data from Halifax for January rose 2.5%, the strongest reading in a year. Bank of England Deputy Governor Sarah Breeden said Wednesday that the U.K. central bank is in no rush to cut interest rates. Breeden also said she was now thinking about how long interest rates should stay at current levels rather than whether they should be raised further. Money markets put the probability of a Bank of England rate cut in June at 61%.
Trade recommendation: Trade buy orders on a bounce from the price of 1.2610. Sell on a bounce from the price of 1.2670
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