05 June 2024, GBP/USD
Events to watch out for today:
11:30 GMT+3. GBP - Composite PMI
17:00 GMT+3. USD - ISM Index of Business Activity in the Services Sector
GBPUSD:
The GBP and USD pair is trading below 1.2800 after a brief bullish momentum took the pair to its highest levels since mid-March. Market sentiment has broadly shifted to USD bids as hopes of a Federal Reserve (Fed) rate cut are pushed back to November.
BRC Like-For-Like UK retail sales for the year ended May rose less than expected at 0.4% y/y vs. a forecast of 1.2%. UK retail sales data struggled to recover after falling -4.4% in the prior period. In the U.S., the JOLTS job openings index fell to 8.059 million in April, down from the previous revised reading of 8.355 million and below the forecast of 8.34 million. With a tight labor market failing to meet broad market hopes for a rate cut, risk sentiment weakened amid the data failure.
With the economic calendar remaining sparse for the rest of the week, investors will be treated to new US employment data, followed by another batch of monthly US Non-Farm Payrolls (NFP) on Friday. ADP's May employment change is forecast to fall to 173k from the previous reading of 192k, while Friday's NFP is expected to jump to 190k from the previous reading of 175k.
Trading recommendation: Trade mainly with buy orders at the price level of 1.2820. We consider sell orders at the price level of 1.2735.
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