29 November 2024, GBP/USD
Event to pay attention to today:
13:00 EET. GBP - BOE Governor Andrew Bailey Speaks
GBPUSD:
The GBP/USD currency pair had a quiet session on Thursday, with trading activity on the thin side and the pair holding near the 1.2700 mark. US markets were closed on Thursday due to the Thanksgiving holiday, and Friday will also see reduced trading hours in the US, resulting in a generally low volume second half of the trading week.
The Bank of England's (BoE) latest Financial Stability Report is scheduled for release in the US market on Friday morning. It is unlikely that this release will have a significant impact on the performance of the cable markets. Nevertheless, it would be prudent for traders to remain vigilant in anticipation of low-volume bursts of volatility. Due to shortened trading hours in the US on Friday, overall market liquidity will be significantly reduced, increasing the potential for large orders to impact the bid price.
Next week's scheduled economic data releases are also unlikely to be favourable for the pound. There will be a paucity of significant data releases in the UK next week, while market participants will be closely monitoring the US Non-Farm Payrolls (NFP) report, scheduled for release on Friday, 6 December. The upcoming NFP will assume heightened importance for traders, given the recent shift in focus towards potential indications of rate cuts by the Federal Reserve (Fed). However, a notable change in the NFP figures could have a significant impact on Treasury rates, prompting new discussions about the optimal number of rate cuts in 2025.
Trading recommendation: We follow the level of 1.2700, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
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