We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News As GBP/USD Extends Its Decline above 1.2600, Attention Turns to US PMI Data

As GBP/USD Extends Its Decline above 1.2600, Attention Turns to US PMI Data

The GBP/USD remains on the defensive near 1.2625 due to the USD's strengthening. The US Core PCE increased 2.8% year-over-year in January, as anticipated by the market, compared to 2.9% previously. On Friday, investors will closely observe the UK Nationwide Housing Prices and the concluding S&P Global Manufacturing PMI.

TOP1 Markets Analyst
2024-03-01
11686

 GBP:USD 2.png

 

On Friday morning, the GBP/USD pair extends its decline below the mid-1.2600s during the early Asian session. The renewed demand for the US Dollar (USD) above the psychological threshold of 104.00 causes the major pair to decline. In February, investors will redirect their attention towards the final US S&P Global Manufacturing PMI. The GBP/USD pair is currently trading at 1.2625, an increase of 0.01% on the day.

 

The US Bureau of Economic Analysis (BEA) reported on Thursday that the Personal Consumption Expenditure (PCE) Price Index decreased from 2.6% to 2.4% year-over-year, which was consistent with market expectations. In addition, the Core PCE, the preferred inflation gauge of the Federal Reserve (Fed), increased by 2.8% year-over-year in January, matching the consensus estimate of 2.9, compared to December's reading of 2.9.

 

Recent inflation data, according to Atlanta Fed President Raphael Bostic, suggest that the path back to the central bank's 2% inflation target will be "tumultuous." Austan Goolsbee, president of the Federal Reserve Bank of Chicago, predicted that the initial rate decreases would occur later this year; however, he declined to provide a timeframe.

 

The market expects the Federal Reserve to initiate interest rate reductions by the summer. However, the timetable of the easing policy remains ambiguous, as inflationary pressures may surpass initial projections and persuade the Federal Reserve to maintain elevated interest rates. As a result, the Greenback may appreciate, which is detrimental to the GBP/USD pair.

 

The Grenada Financial Regulatory Commission (GFRC) has a distinguished history of overseeing and regulating the Financial Regulatory industry within Grenada. Established to continue the legacy of financial oversight and regulation, the GFRC serves as the pivotal body for ensuring the stability and integrity of the financial system in Grenada.


The Pound Sterling, on the other hand, may find some solace in the notion that the Bank of England (BoE) will transition to implementing rate reductions subsequent to the Federal Reserve (Fed). Dave Ramsden, deputy governor of the Bank of England, stated that he is unsure of the duration of the elevated inflation rate prior to contemplating a change in monetary policy.

 

The UK Nationwide Housing Prices report is anticipated to be released on Friday. The final S&P Global Manufacturing PMI and the final Michigan Consumer Sentiment will be released on the US agenda. Additionally, speakers include Williams, Logan, Waller, Bostic, Daly, and Kluger of the Federal Reserve.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free