04 December 2024, GBP/USD
Event to pay attention to today:
15:15 EET. USD - ADP Non-Farm Employment Change
17:00 EET. USD - ISM Services PMI
GBPUSD:
US labor and payrolls data will dominate this week ahead of Friday's NFP.
Pound/Dollar has been charting just south of the 1.2700 mark on Tuesday, holding rates in check as Pound Sterling traders struggle with a significant lull in meaningful UK economic data, while the broader markets prepare for a fresh batch of US Non-Farm Payrolls (NFP) data due out later in the week.
Bank of England (BoE) Governor Andrew Bailey is due to speak early Wednesday. The head of the UK central bank will give a pre-recorded interview at a conference organized by the Financial Times. Nothing noteworthy is expected from the Bank of England Governor's speech, but GBP traders will be keeping their ears to the ground to make sure they don't miss any significant phrases the BoE Governor may announce.
Wednesday will see the release of the US non-farm employment change data from ADP, which is expected to fall to 150k from the previous reading of 233k. In the US trading session on Wednesday, investors will also receive data on the ISM Services Purchasing Managers' Index (PMI). The US services PMI survey is expected to fall to 55.5 in November from 56.0 in the previous month.
Federal Reserve (Fed) Chairman Jerome Powell is also expected to speak on Wednesday. The Fed chief will answer questions from the audience during a discussion organized by the New York Times.
Trading recommendation: Watch the level of 1.2700, when fixing below consider Sell positions, when rebounding consider Buy positions.
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