30 January 2024, GBP/USD
Event to watch out for today:
17:00. USD - Consumer Confidence Indicator
GBPUSD:
GBP/USD remains well supported above the 1.2700 mark during the early Asian session on Tuesday. Markets are cautious ahead of two key events from the Federal Open Market Committee (FOMC) and the Bank of England (BoE) on Wednesday and Thursday respectively. The GBP/USD pair is currently trading around 1.2710, unchanged for the day.
The Fed's preferred Core Personal Consumption Expenditure (Core PCE) price index fell to 2.9% in December, dipping below 3% for the first time since the start of 2021. The stage is set for the Fed to start cutting interest rates in the coming months. The FOMC will leave benchmark interest rates unchanged at a 23-year high of 5.25-5.5% at its January meeting after a prolonged effort to tame raging inflation.
As for the British pound, the Bank of England is expected to leave interest rates unchanged. Traders will be watching the interest rate guidance and discussing the possibility of a future cut. Bank of England Governor Andrew Bailey has stated that it is premature to cut rates. However, signs of a weakening inflation crisis may persuade the central bank to cut rates after all.
Trading recommendation: Trade with Buy orders from the level of 1.2700.
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