05 July 2024, GBP/USD
An event to look out for today:
15:30 GMT+3. USD - Unemployment rate
GBPUSD:
The GBP/USD pair traded in a narrow range on Thursday as traders awaited the final results of the UK parliamentary elections and markets prepared for a new round of US Non-Farm Payrolls (NFP) data scheduled for Friday. U.S. markets rested on Thursday, which limited overall market flows during the U.S. trading window, but they should return on Friday.
The UK parliamentary elections are wrapping up, and early results confirm what was largely predicted by entrance and exit polls: the UK is likely to elect Keir Starmer of the Labor Party as the UK's first non-Conservative Prime Minister in 14 years.
Mid-market forecasters still expect an overall softening in US data. Investors eager for a rate cut from the Federal Reserve (Fed) are leaning towards hopes that a slight economic slowdown in the US will trigger a rate hike from the US central bank.
The US NFP figure is expected to fall to 190k in June from 272k in the previous month. Markets will also be watching for a sharp revision to previous data, while the US unemployment rate is expected to remain at 4.0% m/m in June.
Average hourly earnings in the US are expected to decline slightly in June, with a forecast of 3.9% y/y vs. the previous reading of 4.1% y/y.
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