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Market News Near 1.2350, GBP/USD Remains on the Defensive as Investors Await UK and US PMI Data

Near 1.2350, GBP/USD Remains on the Defensive as Investors Await UK and US PMI Data

The GBP/USD pair extends its decline near 1.2350 in the early Asian trading session on Tuesday. Several Fed officials emphasized that the central bank of the United States is not rushing to reduce interest rates. The anticipation of investors that the BoE will reduce interest rates before the US Federal Reserve persists.

TOP1 Markets Analyst

2024-04-23

6353

The GBP/USD pair maintains its defensive stance near 1.2350, which reached its lowest level since mid-November during the early Asian session on Tuesday. As investors await preliminary S&P Global Purchasing Managers Index (PMI) data for April from the United States and the United Kingdom, the USD Index (DXY) maintains its gains above 106.10.

Policymakers of the Federal Reserve (Fed) concurred that inflation in the United States is declining gradually but remains elevated. As a result, the United States central bank is not rushing to reduce interest rates. Raphael Bostic, president of the Federal Reserve Bank of Atlanta, stated that interest rates must remain "restrictive" and may only begin to decline "by the end of 2024." As progress on inflation had "stalled," Chicago Fed President Austan Goolsbee indicated a more protracted timeline for interest rate reductions. The Federal Reserve's hawkish approach to interest rates thus far in the year has generated a headwind for the GBP/USD pair and bolstered the US Dollar (USD).

According to the Fed Bank of Chicago, the Chicago Fed National Activity Index improved to 0.15 in March from 0.09 in the previous reading on Monday. Later on Tuesday, the focus will shift to the April PMI reports. It is anticipated that both the manufacturing and services PMIs will appreciate in April. If the reports indicate a more robust result than anticipated, this may offer some assistance to the US dollar and restrict the upward movement of the major pair.

Conversely, interest rate futures have already accounted for the Bank of England's initial quarter-point interest rate reduction scheduled for August, and two rate cuts are anticipated prior to the conclusion of the year. There is some selling pressure on the British Pound (GBP) due to the increasing rumour that the UK central bank will reduce interest rates before the US Federal Reserve. BoE Deputy Governor Dave Ramsden stated last week that the unfavorable economic prognosis and the advancements in UK inflation will enable the BoE to initiate the rate cut cycle earlier than had been previously anticipated. According to Reuters, investors have priced in a 60% chance of a June rate cut near 60%.