27 June 2024, GBP/USD
Event to watch out for today:
12:30 GMT+3. GBP - BOE Governor Andrew Bailey Speaks
15:30 GMT+3. USD - GDP volume change
GBPUSD:
The Pound-Dollar pair is attracting buyers around 1.2615-1.2610, or the lowest level since mid-May, reached on Thursday during the Asian session, reversing part of the previous day's sharp decline. Spot prices are currently trading around 1.2630, up less than 0.10% on the day, as traders now await the release of key macroeconomic data from the US before positioning for the next leg of directional rates.
Meanwhile, the US Dollar (USD) is retreating from the near two-month high reached on Wednesday and acting as a tailwind for GBP/USD. Meanwhile, rising US Treasury yields, bolstered by expectations that the Federal Reserve (Fed) is in no hurry to start a rate cut cycle, should help limit USD losses. In addition, rising bets for a Bank of England (BoE) rate cut in August could undermine the British Pound (GBP) and contribute to further GBP/USD declines ahead of the UK general election on July 4.
On Friday, the trading week will conclude with the revision of the UK quarterly GDP, which is expected to be unchanged at 0.6% QoQ, as well as the May US Personal Consumption Expenditure (PCE) price index. The core PCE price index is expected to fall to 2.6% from the previous reading of 2.8% as market participants hope for further signs of weakening inflation, which will help push the Federal Reserve (Fed) to cut rates sooner rather than later.
Trading recommendation: Trade mainly with Buy orders from the current price level.
Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 