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Investors eagerly await UK employment data

Investors eagerly await UK employment data | 09 September 2024

09 September 2024, GBP/USD

Investors eagerly await UK employment data

GBPUSD:

The GBP/USD pair is attracting some dip buying during the Asian session on Monday. The pound is once again aiming for the 1.3150 price level, although a combination of factors could prevent further gains.

The closely-watched US employment data released on Friday suggests that labour market growth is slowing more than expected and adds to concerns over the health of the US economy. This in turn reduces investor appetite for riskier assets, which favours the safe-haven US Dollar (USD) and acts as a headwind for GBP/USD.

Meanwhile, a survey of recruiters showed that the UK labour market cooled markedly last month, with vacancies falling sharply and wage growth slowing. This reinforces the case for an interest rate cut by the Bank of England (BoE), which could further deter bulls from aggressively betting on the British Pound (GBP) and keep pressure on the GBP/USD pair.

Investors are now eagerly awaiting the release of the monthly UK employment data due on Tuesday. At the same time, USD price dynamics will continue to play a key role in influencing the GBP/USD pair in the absence of any market-important economic data from both the UK and the US on Monday.

Trading recommendation: We follow the level of 1.3090, if it is fixed below we consider Sell position, if it rebounds we consider Buy position.

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David Johnson
Analyst of «FreshForex» company
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