13 November 2024, GBP/USD
Events to watch out for today:
15:30 EET. USD - Consumer Price Index
GBPUSD:
The Pound-Dollar pair extended its losing streak for the fourth consecutive session, trading near 1.2740 during Asian hours on Wednesday. The pair's decline is attributed to the strengthening of the US Dollar (USD) amid optimism around Trump's deals.
The US Dollar is strengthening as analysts note that if Trump's fiscal policy is implemented, it could boost investment, spending and labor demand, potentially raising inflation risks. Such a scenario could prompt the Federal Reserve (Fed) to adopt tighter monetary policy.
Traders are now focused on the upcoming release of US inflation data on Wednesday for further guidance on future US policy. The core Consumer Price Index (CPI) for October is expected to rise 2.6% year-on-year, while Core CPI is expected to rise 3.3%.
The Pound Sterling (GBP) weakened after mixed data on the UK labor market. Tuesday's employment data pointed to a softening labor market in the three months ending September. The ILO unemployment rate rose to 4.3% from 4.0% in the previous period, beating expectations of 4.1%. Over the same period, employment changes showed that UK employers added 219 thousand new jobs, well below the previous figure of 373 thousand.
The Bank of England's (BoE) latest monetary policy report will be released on Wednesday, and investors will be keen to gauge potential clues on how the BoE plans to manage the UK's unbalanced economy amid ongoing inflation concerns.
Trading recommendation: Trade predominantly with Sell orders from the current price level.
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