07 March 2024, GBP/USD
Events to pay attention to today:
15:30. USD - Initial Jobless Claims
17:00. USD - Fed Chairman Jerome Powell Testimony
GBPUSD:
GBP/USD broke the 1.2700 barrier and is currently trading around 1.2735 in the early Asian session on Thursday. The rise in the major pair is being aided by a weaker US Dollar (USD) and encouraging news from the UK's Spring Budget.
Federal Reserve (Fed) Chairman Jerome Powell told House lawmakers on Wednesday that interest rates could start to fall this year, but cautioned that the Fed would not be in a hurry until the central bank has more confidence that inflation is moving steadily towards the 2% target. Powell's comment indicated that Fed officials remain cautious not to lose the progress they have made in fighting inflation, and decision-making will be based on incoming data.
UK Chancellor of the Exchequer Jeremy Hunt presented the Spring Budget in the House of Commons. Hunt said the U.K. economy has coped with the financial crisis, pandemic and energy crisis caused by the war in Europe, and added that interest rates will remain high as the central bank tries to reduce inflation.
Trading recommendation: Trade Buy orders from the current price level
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