03 December 2024, GBP/USD
Event to pay attention to today:
17:00 EET. USD - JOLTs Job Openings
GBPUSD:
The lack of UK data left the dollar in the spotlight.
US PMI data came in better than expected but still below contraction.
On Monday, the GBP/USD pair pulled back below the 1.2700 mark, starting the new trading week by breaking a three-day winning streak and keeping price on the lower side of the 200-day exponential moving average (EMA). There wasn't much in terms of UK data, but after the US Purchasing Managers' Index (PMI) rose but still remained in contraction territory below 50.0, markets came into turmoil.
Ahead of Friday's US jobs growth report, another week of Nonfarm Payrolls (NFP) has begun and the economic calendar is mottled with plenty of preliminary US employment data. In the UK, little data is released this week, although Bank of England (BoE) Governor Andrew Bailey will be speaking in a pre-recorded interview at a Financial Times event on Wednesday.
US manufacturing PMI data from ISM rose in November, rising to a five-month high of 48.4 against a previous reading of 46.5, above the forecast of 47.5. Despite the rise in the business expectations survey, the indicator is still in contraction territory below 50.0, meaning that most business operators still see a decline in overall activity in the coming months.
Trading recommendation: Watch the level of 1.2700, when fixing above consider Buy positions, when rebounding consider Sell positions.
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