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Bank of England considers lowering interest rates

Bank of England considers lowering interest rates | 28 March 2024

28 March 2024, GBP/USD

Bank of England considers lowering interest rates

Event to watch out for today:

14:30 EET. USD - Number of initial applications for unemployment benefits / Change in GDP volume for the quarter

GBPUSD:

GBP/USD is at 1.2630 after retreating from the daily high of 1.2640 in the early Asian session on Thursday. The major pair's sell-off is supported by recent hawkish comments from a US Federal Reserve (Fed) official, who reiterated the "higher is longer" stance and the lack of need to rush to cut rates.

Early Wednesday, Fed chief Christopher Waller said the U.S. central bank is in no hurry to cut the benchmark rate and may have to "maintain the current target rate level longer than expected." Waller emphasized that the Fed is in no rush to cut the discount rate because it would be prudent to keep restrictive policy in place longer than previously expected to bring inflation down to the 2% target. His hawkish comments lifted the dollar to 104.45 and pressured the major pair.

The Bank of England (BoE) left the interest rate unchanged at 5.25% last week for the fifth consecutive meeting. The UK central bank became more dovish on the interest rate outlook, which put pressure on the Pound. Bank of England Governor Andrew Bailey said that interest rate cuts will be "in play" at future Bank of England meetings.

Trading recommendation: Trade buy orders when the price reaches 1.2655. Sell at the price level of 1.2610.

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David Johnson
Analyst of «FreshForex» company
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