26 tháng tư 2024, GBP/USD
Event to watch out for today:
15:30 GMT+3. USD - Core PCE Price Index
GBPUSD:
The GBP/USD pair is trading on a weak note around 1.2502 in the early hours of Asian trading on Friday. A moderate rise in the US Dollar (USD) is weighing on the major pair despite weak US GDP growth data. On Friday, the focus will be on the Personal Consumption Expenditure (PCE) price index data.
On Thursday, the US economy grew at a slower pace of 1.6% in the first quarter of 2024, up from 3.4% in the previous quarter. That figure was weaker than market expectations of 2.5%. Nonetheless, prices remain stable, with data released Thursday showing that the personal consumption expenditure price index rose at a 3.4% annualized rate in the first quarter, above the Fed's 2% target. Following the release of weaker-than-expected first-quarter GDP growth data and better-than-expected inflation data, the dollar fell to two-week lows around the mid-105.00s.
As for the Pound, Bank of England (BoE) Governor Andrew Bailey and other BoE policymakers said that UK inflation has fallen in line with the central bank's expectations and the upside risk to inflation has diminished, paving the way for a rate cut. The market expects the U.K. central bank to wait to lower borrowing costs until next quarter, and to start ahead of the U.S. Fed. This, in turn, may limit the growth of the Pound Sterling (GBP).
Trading recommendation: Trade predominantly on Buy from the level of 1.2500.
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