GBPUSD Trending strategies today
The GBP/USD pair posted modest losses in early Asian trading on Tuesday. The modest recovery in the US Dollar (USD) brings some support to the major pair. At the time of writing, GBP/USD is trading near 1.2725, down 0.04% on the day.
After the US Federal Reserve's (Fed) final meeting of the year in December, Fed officials kept interest rates steady for the third straight month and signaled a series of rate cuts in 2024. when inflation falls faster than estimated. Traders are betting on sharp interest rate cuts, starting in March. According to CME Group's FedWatch tool, markets are pricing in an 88% decline in March.
Data released on Friday showed the US Chicago Purchasing Managers' Index (PMI) came in at 46.9 in December from 55.8 in November, weaker than estimates of 51.0. Market participants will get more cues from the US Nonfarm Payrolls (NFP) on Friday. This number is predicted to increase by 163K in December compared to 199K previously.
After the US Federal Reserve's (Fed) final meeting of the year in December, Fed officials kept interest rates steady for the third straight month and signaled a series of rate cuts in 2024. when inflation falls faster than estimated. Traders are betting on sharp interest rate cuts, starting in March. According to CME Group's FedWatch tool, markets are pricing in an 88% decline in March.
Data released on Friday showed the US Chicago Purchasing Managers' Index (PMI) came in at 46.9 in December from 55.8 in November, weaker than estimates of 51.0. Market participants will get more cues from the US Nonfarm Payrolls (NFP) on Friday. This number is predicted to increase by 163K in December compared to 199K previously.
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✔️TP1 2071
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