23 April 2024, GBP/USD
Event to watch out for today:
11:30 GMT+3. GBP - Composite PMI
16:45 GMT+3. USD - Composite PMI
GBPUSD:
The Pound-Dollar pair remains on the defensive near 1.2350, its lowest since mid-November, in Tuesday's early Asian session. The US Dollar Index (DXY) is consolidating above 106.10 as traders await the preliminary S&P Global purchasing managers' index (PMI) data from the US and UK for April. Federal Reserve (Fed) policymakers agreed that US inflation is slowly declining but remains high. Therefore, the US central bank is in no hurry to cut interest rates. Atlanta FRB President Raphael Bostic noted that interest rates will have to be held at a "restrictive level" and may not be lowered until "late 2024." At the same time, Chicago Fed President Austan Goolsbee said a longer timeline for rate cuts as progress on inflation has "stalled." Growing speculation that the UK central bank will cut interest rates sooner than the US Fed is putting pressure on the Pound Sterling (GBP). Last week, Bank of England Deputy Governor Dave Ramsden said that progress in UK inflation and a worsening economic outlook would allow the Bank to start its rate cut cycle earlier than previously expected. Investors estimated the probability of a June rate cut at 60%, according to Reuters.
Trading recommendation: Trade predominantly with Sell orders from the current price level.
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