08 March 2024, GBP/USD
Events to pay attention to today:
15:30. USD - Nonfarm-Payrolls
GBPUSD:
The GBP/USD pair is holding above the 1.2800 psychological barrier in the early hours of Asian trading on Friday. Selling pressure in the US dollar (USD) is providing some support to the major pair. The main event on Friday will be the US labor market data for February. The Pound-Dollar pair is currently trading around the 1.2810 mark.
On Thursday, Federal Reserve (Fed) Chairman Jerome Powell will report on monetary policy and answer questions before the Senate Banking Committee. Powell said lower interest rates could be just around the corner if inflation signals are favorable. The Fed chairman did not give an exact timetable for a rate cut, but said that day could come soon. Investors expect the first rate cut to occur in June, with four full percentage point cuts by the end of 2024.
On the other hand, financial markets expect the Bank of England (BoE) to cut interest rates following the Fed. This in turn boosts the Pound Sterling (GBP) and serves as a tailwind for the Pound-Dollar pairing. Investors expect the Bank of England to begin easing at its August meeting. However, Bank of England policymakers will see more evidence of inflation before making a decision.
Trading recommendation: Trade with Buy orders from the level of 1.2800
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