21 February 2024, GBP/USD
Event to watch out for today:
21:00 USD - FOMC Minutes
GBPUSD:
The Pound-Dollar pair rises above the 1.2600 mark during the early Asian session on Wednesday. Optimistic comments from Bank of England (BoE) Governor Andrew Bailey boosted the Pound Sterling (GBP). The major pair is currently trading near 1.2625, unchanged for the day.
Investors lowered bets on an interest rate cut by the Federal Reserve (Fed) after last week's US Producer Price Index (PPI) data for January pointed to increased inflationary pressures in the US economy. Markets are expecting the first Fed rate cut at the May-June monetary policy meeting. The minutes of the January Federal Reserve Open Market Committee (FOMC) meeting may provide some insight into the trajectory of interest rates.
On Tuesday, Bank of England (BoE) Governor Andrew Bailey testified on inflation and the economic outlook. Bailey said he was not opposed to investors betting on an interest rate cut this year, but he pointed to indicators that the British economy is recovering from recession at the end of 2023. He also noted that inflation does not necessarily have to fall below 2% before a rate cut will happen and that it is unrealistic to expect a rate cut this year, but he did not give an exact timeline.
Trading recommendation: Trade predominantly on Buy from current values
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