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Market News GBP/USD Maintains Its Advance above 1.2500 Due to a Weakened US Dollar and an Impending Fed Rate Decision

GBP/USD Maintains Its Advance above 1.2500 Due to a Weakened US Dollar and an Impending Fed Rate Decision

Monday begins on a positive note for GBP/USD around 1.2520, despite the USD's weakness. In light of recent US PCE inflation data, expectations regarding the timing of interest rate reductions by the Federal Reserve (Fed) have been dampened. Speculative wagers by investors that the BoE will commence rate cuts in June were increased.

TOP1 Markets Analyst

2024-04-29

9317

The GBP/USD pair maintains its upward trend near 1.2520 in the early Asian trading session on Monday. The weakened US Dollar (USD) provides support for the major pair's ascent below the psychological 106.00 level. The interest rate decision and press conference of the Federal Open Market Committee (FOMC) on Wednesday will be keenly observed by investors.

It is anticipated that the United States Federal Reserve (Fed) will maintain the present interest rate range of 5.25%–5.5% on Wednesday. While the U.S. economy continues to exhibit robustness, inflation has begun to rise. The US Bureau of Economic Analysis reported on Friday that the Core Personal Consumption Expenditures (PCE) Price Index increased 2.8% year-over-year in March. There has been speculation that the initial reduction may not occur until September as a result of these allegations.

Policymakers at the Federal Reserve stated that there will be no rate cuts in the future months due to the fact that inflation has persisted above the 2% target and has been more persistent than anticipated. The US central bank's higher-for-longer posture could provide some support for the dollar and limit the GBP/USD pair's decline.

Conversely, investors increase their wagers regarding the commencement of interest rate reductions by the Bank of England (BoE) during its June meeting. Andrew Bailey, governor of the Bank of England, stated at a press conference following the previous monetary policy meeting that two to three interest rate cuts this year are not "irrational." A dovish shift in the BoE's stance could result in the Pound Sterling (GBP) weakening and generate a headwind for the pair.