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The pound has taken a hit from the dollar

The pound has taken a hit from the dollar | 11 Abril 2024

11 Abril 2024, GBP/USD

The pound has taken a hit from the dollar

Events to watch out for today:

15:30 EET. USD - Number of initial applications for unemployment benefits / Producer price index

19:30 EET. GBP - Bank of England MPC member Megan Green will deliver a speech

20:30 EET. USD - FOMC member Rafael Bostic will give a speech

GBPUSD:

GBP/USD remains under selling pressure near 1.2540 after rebounding from the 2024 low of 1.2520. The main pair's sell-off is due to the strengthening of the US dollar (USD) after the US Consumer Price Index (CPI) data rose in March. Today, investors are awaiting the release of the March PPI (Producer Price Index) and weekly US initial jobless claims.

The Pound Sterling (GBP) will be impacted by the UK's monthly Gross Domestic Product (GDP) and Industrial Production data for February, due for release on Friday. Markets expect the UK central bank to cut rates after its June meeting. Meanwhile, any hints of a May rate cut or any dovish comments from Bank of England policymakers could put pressure on the British pound and serve as a headwind for the GBP/USD pair.

On Wednesday, the release of CPI inflation data for March reaffirmed confidence that solid inflation will convince the Federal Reserve (Fed) to postpone plans to cut rates. The fed funds futures market pushed expectations for the first rate cut since June to September, according to CME FedWatch Tool data.

U.S. inflation, as measured by the CPI, rose 0.4% for the month in March, bringing the annual inflation rate to 3.5%, the Labor Department's Bureau of Labor Statistics said Wednesday. Meanwhile, the core consumer price index, which excludes the volatile food and energy components, rose 0.4% for the month and 3.8% from a year ago, compared with forecasts of 0.3% and 3.7%, respectively.

Trading recommendation: Trade mainly with buy orders at the price level of 1.2570. We consider sell orders at the price level of 1.2530.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
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