04 Junio 2024, GBP/USD
GBPUSD:
The GBP and USD pair is attracting buyers around 1.2810 in the early Asian session on Tuesday. The major pair's rise near multi-week highs is being aided by a weaker US Dollar (USD) following the release of weaker-than-expected manufacturing sector business activity index data. USD. Later on Tuesday, data on US factory orders and job openings will be released.
Markets expect that the Bank of England (BoE) may start cutting interest rates from its August meeting as the UK's annual core inflation rate fell significantly in April. However, Bank of England policymakers remain concerned about slowing disinflation in the services sector. In the absence of important economic data from the UK, US Dollar price dynamics will continue to play a key role in influencing GBP/USD this week.
The US manufacturing sector contracted at an accelerated pace in May, the Institute for Supply Management (ISM) reported on Monday. ISM's US Manufacturing PMI fell to 48.7 in May from 49.2 in April, below the market consensus forecast of 49.6. The dollar faced fresh selling pressure in response to the weak data.
Ahead of the FOMC meeting, Minneapolis Fed President Neel Kashkari noted that interest rates need to be held for a “long” time, adding that lower borrowing costs before inflation is brought under control would jeopardize the foundations of US prosperity. Nevertheless, recent weaker US PCE inflation data and a weak US manufacturing PMI have raised expectations that the US Federal Reserve (Fed) will cut interest rates this year. Traders now estimate the probability of a Fed rate cut in September at almost 53%, down from 49% before the inflation report was released.
Trading recommendation: Trade mainly with buy orders at the price level of 1.2840. We consider sell orders at the price level of 1.2775.
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