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Market News GBP/USD Trades with Modest Gains Below the Mid-1.2600s Prior to PMI Data from the UK and the US

GBP/USD Trades with Modest Gains Below the Mid-1.2600s Prior to PMI Data from the UK and the US

The GBP/USD pair climbs to 1.2638 in response to the USD's modest decline. Fed officials stated that additional substantiation was required prior to initiating rate cuts. The BoE's Bailey stated that inflation in the United Kingdom has declined and that last year's technical recession is not anticipated to have a significant impact. Investors will closely monitor the February PMI data from the United Kingdom and the United States, which is released later on Thursday.

TOP1 Markets Analyst

2024-02-22

9897

The GBP/USD pair exhibits firmer trading sentiment below the mid-1.2600s on Thursday during the early Asian session. For the month of February, investors will be focused on the United Kingdom and the UK S&P Global Purchasing Managers Index (PMI). Presently, the primary pair is trading near 1.2638, an increase of 0.04% on the day.

According to the minutes of the FOMC's January meeting, the majority of attendees cautioned against easing monetary policy too rapidly, while a few mentioned the possibility that efforts to achieve price stability could come to a halt. The FOMC policymaker emphasized the critical nature of cautiously evaluating incoming data when determining whether the inflation rate is declining in a sustainable manner towards the target of 2%.

Delaying interest rate cuts, according to Bank of England (BoE) policymaker Swati Dhingra, would be detrimental to living standards and could precipitate a harsh landing for the British economy on Wednesday. As she reaffirmed her argument for monetary policy relief, Dhingra added that inflation in the United Kingdom is already trending sharply downward.

According to Andrew Bailey, governor of the Bank of England, inflation in the United Kingdom has "significantly declined" and the technical recession that the economy entered last year is unlikely to have a lasting effect. Furthermore, he stated that the central bank can reduce interest rates without the need for inflation to return to its target level. Bailey's upbeat remarks offer some assistance to the British Pound (GBP) and function as a tailwind for the GBP/USD pair.

Traders will now focus on the February S&P Global PMI for the United Kingdom and the S&P Global PMI for the United States. Thursday also marks the release of the weekly Initial Jobless Claims, Existing Home Sales, and the Chicago Fed National Activity Index. Harker, Cook, Kashkari, and Jefferson of the FOMC are scheduled to speak.