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GBP/USD holds below 1.3000 after Bank of England/FED rate decision

GBP/USD holds below 1.3000 after Bank of England/FED rate decision | 08 November 2024

08 November 2024, GBP/USD

GBP/USD holds below 1.3000 after Bank of England/FED rate decision

Events to pay attention to today:

17:00 EET. USD - UoM Consumer Sentiment

18:00 EET. USD - FOMC Member Michelle W. Bowman Speaks

GBPUSD:

The GBP/USD exchange rate declined to 1.2975 during Asian trading on Friday. Following the Bank of England's (BoE) decision to cut interest rates by 25 basis points on Thursday, the pound sterling is weakening. On Friday, traders will be monitoring the release of consumer sentiment data from Michigan and a speech from Federal Reserve (Fed) Governor Michelle Bowman.

In a follow-up to a 0.5% rate cut in September, the Federal Open Market Committee (FOMC) lowered the benchmark overnight lending rate by 0.25% to a target range of 4.50-4.75% at its November meeting on Thursday. Fed officials justified the policy easing on the grounds that they believe supporting employment is becoming as much of a priority as fighting inflation.

Following the Federal Reserve's decision to cut interest rates in November, expectations for a further reduction in December remain high. Following the Federal Reserve's meeting, the probability of a quarter-point rate cut in December has risen to over 68%, while the probability of a pause has fallen to nearly 32%, according to data from the CME FedWatch Tool.

On Thursday, the Bank of England (BoE) reduced interest rates by 0.25% while increasing its inflation forecast. This followed the publication of the UK budget by the Labour Party, which raised questions about the future of policy easing. Britain's central bank reduced interest rates for the second time this year, following the start of the easing cycle in August. BOE Governor Andrew Bailey stated at a press conference that the central bank needed to maintain a 'gradual approach' to policy easing.

Trading recommendation: We follow the level of 1.3000, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.

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David Johnson
Analyst of «FreshForex» company
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