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Market News GBP/USD Surges Above 1.2630 In Anticipation Of The BoE Rate Decision And The Fed's Dovish Tone

GBP/USD Surges Above 1.2630 In Anticipation Of The BoE Rate Decision And The Fed's Dovish Tone

The GBP/USD pair maintains its positive trend for the fourth day in a row, trading above the 1.2600 threshold. At its December meeting, the Federal Reserve (Fed) maintained interest rates within the target range of 5.25% to 5.5%. October saw a 0.3% MoM contraction in the United Kingdom's economy, compared to the previous expansion of 0.2%, which was below market expectations. Prior to US Retail Sales, the BoE's interest rate decision will be attentively monitored by investors.

TOP1 Markets Analyst

2023-12-14

8553

Amidst early Asian trading hours on Thursday, the GBP/USD pair surges to one-week highs above the 1.2600 level. The pair's increase is reinforced by the depreciation of the US Dollar (USD) and the dovish remarks that followed the Federal Reserve (Fed) meeting. Ahead of the Bank of England's monetary policy meeting, investors anticipate no interest rate adjustment. Presently, the primary pair is trading near 1.2634, a decrease of 0.06% on the day.

The Federal Reserve maintained interest rates between 5.25 and 5.5 percent, as it had done since its December meeting, on Wednesday. As stated by Fed Chair Jerome Powell, rate-cutting discussions are still in progress, and the central bank will make a decision with great care. Powell added that the Federal Reserve is extremely concerned with avoiding the error of maintaining rates at elevated levels for an extended period of time. Nonetheless, the GBP/USD pair is strengthened by these dovish remarks, which exert some selling pressure on the dollar.

The Office for National Statistics reported on Wednesday that the United Kingdom's economy contracted 0.3% MoM in October, down from 0.2% expansion in the previous reading. This was below the market consensus of a 0.1% decline.

Assuring the Bank avoids a recessionary spiral, analysts anticipate that the negative growth data will solidify the BOE's anticipated hold on interest rates through Thursday. However, it could increase the likelihood of rate cuts occurring earlier in 2024. It is widely anticipated that the BoE will maintain the bank rate at 5.25% on Thursday.

Focus will be on the BoE's interest rate decision on Thursday. The Retail Sales and US Jobless Claims are both scheduled for release later in the day. The UK and US S&P Global PMI reports are scheduled for release on Friday. In the vicinity of the GBP/USD pair, traders will identify trading opportunities in response to these occurrences.