01 February 2024, GBP/USD
Event to watch out for today:
14:00 EET. GBP - BoE Interest Rate Decision
16:15 EET. GBP - BoE Governor Bailey Speech
17:00 EET. USD - ISM Manufacturing PMI
GBPUSD:
The GBP/USD pair is currently trading within a range of 1.2600 to 1.2800 during the early Asian session on Thursday. Later today, the Bank of England (BoE) will announce its interest rate decision, which is expected to maintain its current monetary policy. The major pair is currently trading near 1.2678, having gained 0.04% on the day.
The Federal Open Market Committee (FOMC) unanimously decided to keep the benchmark federal funds rate at 5.25-5.5% for the fourth consecutive month. The committee will ensure that inflation remains within the 2% target level. Fed Chairman Jerome Powell has ruled out a rate cut in March, but markets expect the Fed to begin easing policy at the May FOMC meeting.
The Bank of England is expected to maintain interest rates at 5.25% on Thursday for the British Pound. However, investors will monitor the policy outlook and search for indications of future rate cuts. Although the labour market is displaying signs of rebalancing, the precariousness of the economic outlook may prompt Bank of England policymakers to consider a rate cut, which could consequently exert pressure on the British pound.
Trading recommendation: At the level above 1.2700 we consider buying.
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