06 March 2024, GBP/USD
Events to pay attention to today:
14:30. GBP - Annual Budget Release
15:15. USD - ADP Employment Change
17:00. USD - Fed Chairman Jerome Powell Testimony
GBPUSD:
The pound-dollar is bouncing back from the day's losses and looks to continue its winning streak, hovering around 1.2700 during the Asian trading session ahead of UK Chancellor Jeremy Hunt's budget report on Wednesday. Hunt is due to unveil the government's fiscal program, outlining tax and spending plans ahead of the general election. It is thought he may cut national insurance contributions for workers, after announcing a 2p cut in the Autumn Statement.
The ISM Purchasing Managers' Index (PMI) for the U.S. services sector fell to 52.6 in February, lower than the expected decline to 53.0 from 53.4. In addition, factory orders (m/m) fell 3.6% in January, more than the expected 2.9% drop. Former New York Fed economist Stephen Friedman suggested that Fed policymakers are likely to be cautious about cutting interest rates in 2024 due to rising and volatile inflation. He hinted at the possibility of fewer rate cuts than the three originally expected for 2024.
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