10 September 2024, GBP/USD
Events to watch out for today:
09:00 GMT+3. GBP - Unemployment Rate
GBPUSD:
The Pound-Dollar pair extended its losing streak for the third consecutive day, trading near 1.3060 during Tuesday's Asian session. The pair's decline can be attributed to a strengthening US Dollar (USD), which received support as the latest US labor market data increased uncertainty over the likelihood of an aggressive interest rate cut by the Federal Reserve (Fed) at its September meeting.
According to the CME FedWatch Tool, markets fully expect the Fed to cut rates by at least 25 basis points (bps) at its September meeting. The probability of a 50 bps rate cut fell slightly to 29.0% from 30.0% a week ago.
Federal Reserve Bank of Chicago (Fed) President Austan Goolsbee noted on Friday that Fed officials are beginning to agree with the broad market's view that a rate adjustment by the U.S. central bank is inevitable, CNBC reported.
In the U.K., investors are closely watching employment data for the quarter ended in July, which is due to be released on Tuesday. This labor market report could have a significant impact on market expectations regarding the Bank of England's (BoE) interest rate decisions for the rest of the year.
Trading recommendation: Trade mainly with buy orders at the price level of 1.3080. Consider Sell orders at the price level of 1.3050.
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