11 March 2024, GBP/USD
GBPUSD:
The Pound to US Dollar pair is holding near 1.2850, remaining positive and potentially extending its winning streak that began on March 1. However, the US Dollar gained strength and recovered from intraday losses on Friday March 8 following the release of favorable US non-farm payrolls data.
In February, the number of employed in the US non-farm sector increased by 275 thousand, exceeding the January figure of 229 thousand and ahead of expectations of 200 thousand. However, average hourly earnings in the US (y/y) rose by 4.3%, slightly below the forecast and the previous 4.4%. On a monthly basis, the growth amounted to 0.1%, which was lower than the expected 0.3% and 0.5% in the previous month.
GBPUSD continues to maintain a positive tone as markets widely expect the Federal Reserve (Fed) to cut interest rates ahead of the Bank of England (BoE), which could narrow the policy divergence between the two central banks for a while. Federal Reserve (Fed) Chairman Jerome Powell reiterated the central bank's stance during a speech to the US Congress last week. Powell hinted at a possible reduction in borrowing costs this year, emphasizing that such action would depend on the inflation trajectory matching the Fed's 2% target.
Last week, UK Chancellor of the Exchequer Jeremy Hunt presented the Spring Budget to Parliament. This reinforced positive sentiment towards the United Kingdom (UK) budget, especially as the Office for Budget Responsibility (OBR) predicted stronger economic growth.
Trade recommendation: Trading predominantly Buy orders from the current price level
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