08 July 2024, GBP/USD
GBPUSD:
The GBP/USD pair is trading near 1.2810, during the early Asian session on Monday. The recovery of the US dollar is leading the major pair lower. However, the pair's decline could be limited amid rising bets that the Federal Reserve (Fed) will cut interest rates in the third quarter.
The Pound Sterling (GBP) rises as the Labour Party has won a convincing victory in the 2024 UK general election, winning 410 seats, 212 more than the 2019 election. The victory of a political party with an absolute majority of votes is considered favorable for the country's financial markets and boosts the Pound Sterling.
On Friday, the U.S. Bureau of Labor Statistics (BLS) released U.S. non-farm payrolls data that came in stronger than expected, adding 206,000 new jobs in June. The previous month's figure was sharply revised downward to 218 thousand from an initial reading of 272 thousand.
In addition, average hourly earnings in the U.S. fell to 3.9% in June from the previous reading of 4.1%. The unemployment rate rose to 4.1% for the first time since December 2021. Traders raised bets on a Fed rate cut this year as U.S. job growth slowed in June.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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