21 August 2024, GBP/USD
An event to look out for today:
21:00 GMT+3. USD - Publication of the Fed meeting minutes
GBPUSD:
GBP/USD added another third of a percent on Tuesday, hitting a new 13-month high and closing in the greenback for the third consecutive day as sterling takes advantage of the dollar's weakness in the broad market. Market sentiment is holding high ahead of the release of key business survey results and the upcoming start of the Jackson Hole Economic Symposium.
Wednesday will give markets another opportunity to take a breather before the release of important data in the second half of the trading week. August UK Purchasing Managers' Index (PMI) data is expected to rise slightly, with the services PMI component expected to rise to 52.8 from 52.5. The manufacturing PMI is expected to remain unchanged at 52.1.
Thursday will see the release of the US PMI business activity survey and the start of the annual Jackson Hole Symposium, which runs through the weekend. Wednesday will see the release of the minutes from the latest Federal Reserve (Fed) meeting, but overall markets will be focused on Thursday's results for reasons to move.
The S&P Global PMI US Manufacturing PMI for August is expected to be unchanged at 49.6, while the Services PMI is expected to drop a full point to 54.0 from 55.0. The start of the Jackson Hole Symposium is expected to attract investors' attention on Thursday, but Fed Chairman Jerome Powell's speech on Friday will set the general tone for market sentiment early next week.
Trading recommendation: We are watching the level of 1.3050. If the level is fixed above, we consider Buy positions, if the level rebounds, we consider Sell positions.
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