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Contradictory statements from the Bank of England

Contradictory statements from the Bank of England | 29 March 2024

29 March 2024, GBP/USD

Contradictory statements from the Bank of EnglandEvent to watch out for today:

15:30 EET. USD - Core PCE Price Index

18:30 EET. USD - Federal Reserve Chairman Jerome Powell Speaks

GBPUSD:

The GBP/USD pair dipped below the 1.2600 mark during the US session on Thursday. In the early Asian session on Friday, the pair is trading near 1.2622 with little reason to move in either direction. Today's main event will be the February Core PCE reading in the US.

The Pound Sterling (GBP) is holding its ground, possibly due to comments from Bank of England official Jonathan Haskell. He stated that a rate cut is still 'a long way off', while his counterpart Catherine Mann warned against over-expectations of interest rate cuts this year.

Despite Bank of England officials expressing reluctance to cut rates, the British Pound (GBP) may have faced downward pressure following economic data indicating that the United Kingdom (UK) economy has entered recession in the second half of 2023. The country's gross domestic product (GDP) contracted by 0.3% quarter-on-quarter in the fourth quarter of 2023, matching preliminary estimates.

Speculation remains that the Bank of England (BoE) will begin three quarter-point rate cuts during 2024. Bank of England Governor Andrew Bailey said that interest rate cuts will be considered at future Bank of England meetings.

Trading Recommendation: Watch the level of 1.2600, if the rebound occurs, gain Buy positions.

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David Johnson
Analyst of «FreshForex» company
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