25 Abril 2024, GBP/USD
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
GBPUSD:
GBP/USD broke its two-day winning streak near 1.2460 amid moderate gains in the US Dollar (USD) on Thursday during the early Asian session. The centerpiece of the day will be the release of US gross domestic product (GDP) data for the first quarter (Q1). In addition, the usual weekly data on initial jobless claims and home sales will be released.
On Wednesday, U.S. durable goods orders increased 2.6%, or $7.3 billion, to $283.4 billion in March, up from a 0.7% increase (revised from 1.4%) in February. According to the U.S. Census Bureau, the increase in total orders was the largest since November 2023. Meanwhile, durable goods orders excluding transportation rose 0.2% and new orders excluding defense rose 2.3% in March. Both figures were weaker than expected.
Markets expect the Bank of England (BoE) to wait to cut borrowing costs until next quarter, according to median forecasts in a Reuters poll. Bank of England Governor Andrew Bailey and other Bank of England officials said U.K. inflation has fallen in line with the central bank's expectations and the risk of higher inflation has diminished, paving the way for a rate cut. Speculation that the UK central bank will begin its easing cycle before the US Fed pulls the Pound Sterling (GBP) down and limits the major pair's decline.
Trading recommendation: Trade primarily with Buy orders from the current price level.
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