16 August 2024, GBP/USD
Event to watch out for today:
15:30 GMT+3. USD - Building Permits
GBPUSD:
GBP/USD continues to strengthen for the second consecutive session, trading near 1.2870 during Asian hours on Friday. Improved risk sentiment, driven by a stronger-than-expected recovery in US retail sales, eased concerns over a possible US recession and boosted risk-sensitive currencies such as the Pound Sterling (GBP).
Furthermore, the British Pound strengthened thanks to positive key economic data released on Friday, including Gross Domestic Product (GDP) data from the United Kingdom (UK). As expected, the UK economy grew by 0.6% in the second quarter compared to the previous quarter. Meanwhile, GDP grew 0.9% y/y in the second quarter versus 0.9% expected and 0.3% recorded in the first quarter.
The US Dollar (USD) is getting cheaper as traders fully consider the likelihood of a 25 basis point rate cut by the US Federal Reserve in September. However, a 50 basis point rate cut remains a possibility, with the CME FedWatch tool indicating a 26% probability of such a move.
However, the dollar received support after recent US data released on Thursday. The U.S. Census Bureau reported that U.S. retail sales rose 1.0% month-over-month in July, a sharp turnaround from June's 0.2% decline and exceeding the 0.3% rise that had been forecast. In addition, initial jobless claims for the week ended August 9 came in at 227,000, below the forecast of 235,000 and down from 234,000 the previous week.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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