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Market News GBP/USD Extends Its Advance below 1.2700 as Attention Turns to US GDP Data

GBP/USD Extends Its Advance below 1.2700 as Attention Turns to US GDP Data

Tuesday finds the GBP/USD pair trading in positive territory near 1.2685 for the sixth consecutive day. Bailey of the BoE refrained from specifying a timetable for rate reductions; nevertheless, the institution was progressing in the direction of rate cuts. Despite positive inflation and labor market data in January, the central bank is on course to reduce interest rates later this year, according to Fed chairman Williams.

TOP1 Markets Analyst
2024-02-27
10490

 GBP:USD 2.png

 

The GBP/USD pair extends its rally on Tuesday morning in Asia below the psychological barrier of 1.2700. The Federal Reserve reaffirmed a data-driven approach, resulting in a more dovish outlook, as reported in the FOMC minutes. This sentiment is bearish for the US Dollar (USD) and generates a tailwind for the pair. As of the close of trading, the GBP/USD is 1.2685, an increase of 0.02% on the day.

 

The Pound Sterling (GBP) appreciated as a result of last week's rumors that Bank of England (BoE) Governor Andrew Bailey and other policymakers would postpone rate cuts in their testimony to the UK Treasury committee. Bailey stated that while he could not predict the exact number of rate cuts, the bank was progressing in the direction of reducing interest rates.

 

Additionally, he declared that the central bank's position has evolved from one of determining the necessity of strict policy and high interest rates to one of determining the duration for which the BoE must maintain this posture in order to sustain inflation. Four rate decreases by the end of the year have been factored into the markets since the BoE resolved to hold the interest rate steady at 5.25% earlier this month.  

 

Despite stronger-than-anticipated labor market and inflation data in January, New York Federal Reserve (Fed) President John Williams stated last week that the central bank is on track to reduce interest rates later this year. Nonetheless, Fed Chair Jerome Powell stated last week that a March cut is extremely improbable, and a number of Fed officials would rather await additional inflation data evidence before implementing another interest rate cut. The initial rate was factored in by investors at the June meeting or later.

 

The annualized US gross domestic product (GDP) for the fourth quarter (Q4) is anticipated to remain unchanged at 3.3% when it is released later this week. The focus will be on the US Personal Consumption Expenditures Price Index (PCE) on Thursday. In the vicinity of the GBP/USD pair, traders will identify trading opportunities based on the data.

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