29 October 2024, GBP/USD
An event to watch out for today:
16:00 EET. USD - CB Consumer Confidence
GBPUSD:
The Pound-Dollar pair is trading with small losses near 1.2970 on Tuesday in the early Asian session. The US Dollar Index (DXY) is currently trading unchanged around 104.30 after hitting a three-month high of 104.57 in the previous session. Traders may prefer to take a wait-and-see stance ahead of the release of key US economic data this week.
Last week's encouraging US economic data indicates that the US economy remains resilient, boosting the dollar. This week we will be keeping a close eye on the release of Q3 Gross Domestic Product (GDP) and October Non-Farm Payrolls (NFP) as they may provide some hints on the size and speed of rate cuts by the US Federal Reserve (Fed). The probability that the Fed will cut rates by 25 basis points (bps) in November is 96.8%, according to the CME FedWatch tool.
Meanwhile, uncertainty surrounding the U.S. presidential election and ongoing geopolitical tensions in the Middle East are likely to support the U.S. dollar (USD), the safe haven currency.
Rising bets that the Bank of England (BoE) will cut interest rates at all two remaining meetings this year could lead to a weaker Pound Sterling (GBP). However, hawkish remarks from Bank of England Governor Catherine Mann may limit the rate cut.
Trading recommendation: Watch the level of 1.2950, if the level is fixed below consider Sell positions, if the level bounces back consider Buy positions.
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