09 April 2024, GBP/USD
GBPUSD:
UK retail sales (BRC Like-For-Like) rose 3.2% year-on-year in March, versus expected growth of 1.8% and 1.0% previously. This marked the strongest growth since August 2023. This growth was largely driven by the early Easter period, which boosted food sales ahead of the long weekend.
Going forward, the Pound Sterling (GBP) exchange rate could be impacted by the release of monthly Gross Domestic Product (GDP) and Factory Production data for February, scheduled for publication on Friday. In addition, investor expectations that the Bank of England (BoE) will begin cutting interest rates from its June meeting have increased recently, spurred by growing signs of easing price pressures.
The U.S. Dollar (USD) is facing challenges amid market fluctuations influenced by the Federal Reserve's cautious stance. According to the CME FedWatch Tool, the probability of a 25 basis point Fed rate cut in June fell to 51.1%.
Federal Reserve Bank of Minneapolis (FRB) President Neel Kashkari emphasized the importance of the central bank's commitment to fighting inflation. He emphasized that despite the current inflation rate of around 3%, the Fed should work to bring it back to the 2% target.
Trading recommendation: Trade with buy orders when the price reaches 1.2680. Sell at the price level of 1.2635.
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