23 February 2024, GBP/USD
GBPUSD:
The GBP/USD pair shows modest growth in the first hours of Asian trading on Friday. At the moment, the GBP/USD pair is trading at 1.2662, having added 0.02% for the day.
Initial jobless claims in the US fell to 210k from 213k in the previous weeks. Jobless claims fell to 1.862 million, below expectations and the previous week. The report suggests that the U.S. labor market remains robust and may convince the Federal Reserve (Fed) to delay interest rate cuts. Investors have shifted their expectations for the Fed's first rate cut to June since May due to a stable labor market and better-than-expected inflation numbers in January.
On Thursday, the U.S. manufacturing PMI improved to 51.5 in February from 50.7 in the previous reading, better than the estimate of 50.5 and the highest reading in 16 months. Meanwhile, the PMI for services fell to 51.3 in February from 52.5 in January, weaker than expectations of 52.00.
As for the Pound, the preliminary UK manufacturing PMI for February came in at 47.1 versus 47.0, missing market expectations of 47.5. The services PMI was unchanged at 54.3, but was above the consensus forecast of 54.1. Finally, the composite PMI came in at 53.3, contrary to expectations and the previous reading of 52.9.
Trade recommendation: At the price level above 1.2670 we consider buy orders
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