29 February 2024, GBP/USD
Events to pay attention to today:
15:30 EET. USD - Initial Jobless Claims and Core PCE Price Index
GBPUSD:
During the early Asian session on Thursday, the GBP/USD rebounded from its multi-day low of 1.2620 and rose to 1.2660. The major pair is under pressure due to renewed demand for the US dollar (USD) ahead of key events in the US. Investors are waiting for the release of the US Personal Consumption Expenditure (PCE) price index for January on Thursday to provide fresh impetus.
On Wednesday, New York Federal Reserve Chairman John Williams stated that interest rates may be cut this year depending on incoming data, despite the Fed's 2% inflation target still being far off.
Recent inflation data has caused financial markets to delay the timing of the first rate cut, which has supported the dollar. Later in the day, US PCE data may provide insight into the trajectory of inflation in the United States.
According to the US Bureau of Economic Analysis (BEA), the US gross domestic product (GDP) for the fourth quarter grew at an annualised rate of 3.2%, up from 3.3% in the previous reading. However, this reading was weaker than the 3.3% Q4 GDP growth estimate.
Bank of England (BoE) directors have stated that they require further evidence that inflation will fall to the 2% target before deciding to cut key lending rates. The Bank of England predicts that inflation will decrease from 4% last month to 2% in Q2 of this year, before increasing to 3% by the end of 2024 as the disinflationary impact of lower natural gas prices fades.
Trading recommendation: Buy in the range of 1.2650 - 1.2680
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