The Pound Sterling (GBP) stretched its corrective downside from yearly highs against the US Dollar (USD), sending GBP/USD back under 1.2900 – the lowest level in over a week.
The Pound Sterling extended its pullback from yearly highs against the US Dollar. GBP/USD still seems like a ‘buy-the-dips’ trade heading into the Fed and BoE policy meetings. Pound Sterling buyers stay hopeful, as technicals remain favorable. The Pound Sterling stretched its corrective downside from yearly highs against the US Dollar , sending GBP/USD back under 1.2900 – the lowest level in over a week.
On the other hand, interest rate futures are pricing a 51% chance that the BoE will reduce rates by 25 bps next week while projecting 54 bps of cuts for 2024, up from 49 bps of cuts on Wednesday. The weekly US Jobless Claims and the ISM Manufacturing PMI will be published on Thursday, following the BoE events. The all-important US Nonfarm Payrolls will hog the limelight on Friday, as Fed policymakers return after a two-week ‘blackout period’.
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