01 March 2024, GBP/USD
Events to pay attention to today:
17:00 USD - ISM Manufacturing Index
GBPUSD:
The GBP/USD pair has been attracting some buying during the Asian session on Friday and currently appears to have broken a two-day losing streak, hitting a weekly low around 1.2615-1.2610. Spot prices are currently trading around 1.2625-1.2630 and remain at the mercy of US Dollar price momentum.
The US Personal Consumption Expenditure (PCE) price index released on Thursday showed that annual inflation in January was the lowest in three years and reaffirmed bets on a possible rate cut by the Federal Reserve (Fed). The prevalence of risk sentiment is seen as another factor undermining the US Dollar's relative safe-haven status and providing some support to the GBP/USD pair.
The British Pound (GBP), on the other hand, is receiving support from the fact that Bank of England (BoE) policymakers are trying to counter market expectations of an early interest rate cut. This is helping to boost demand for the Pound-Dollar pair. However, growing confidence that the Fed will wait until its June meeting before lowering borrowing costs continues to support rising US Treasury yields. This, in turn, should serve as a tailwind for the US Dollar and deter bulls from aggressive bets on GBP/USD.
Trading recommendation: Trade predominantly with Buy orders
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