04 September 2024, GBP/USD
Events to watch out for today:
11:30 GMT+3. GBP - Composite PMI
15:30 GMT+3. USD - Foreign Trade Balance
GBPUSD:
GBP/USD declined on Tuesday, briefly testing below 1.3100. Dollar trading intensified after fresh US purchasing managers' index (PMI) data failed to meet market expectations, reigniting investor concerns about the possibility of recession in the US.
Little data is expected in the UK on Wednesday, with little of note other than the low PMI reading for August. US employment data remains key for market participants this week.
The ISM US Manufacturing PMI for August came in below expectations at 47.2, falling short of the median forecast of 47.5. Despite the soft rebound from July's multi-month low of 46.8, it failed to cheer markets, giving already cautious investors a great reason to pull back from the recent lopsided bias towards bullish expectations.
Friday's US Non-Farm Payrolls (NFP) report is of great importance. It represents the last round of key US labour data before the Federal Reserve (Fed) announces its latest rate decision on 18 September. Friday's NFP report is expected to set the tone for market expectations regarding the depth of the Fed's rate cut, as investors are already fully geared up for the start of a new round of rate cuts this month.
Trading recommendation: Trade mainly with buy orders at the price level of 1.3160. We consider sell orders at the price level of 1.3080.
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