The GBP/USD pair trades sideways around 1.2622 during the early Asian session on Friday.
GBP/USD trades on a flat note near 1.2622 in Friday’s early Asian session. The UK GDP contracted by 0.3% QoQ in Q4 2023, unchanged from preliminary estimates. The final US Q4 GDP expanded 3.4% against the previous estimate of 3.2%, better than expected. The US February Core PCE will be the highlight on Friday. The market is likely to be mute in light trading on Good Friday. Later in the day, the US Core Personal Consumption Expenditures Price Indexwill be released.
The BoE Governor Andrew Bailey said that interest rate cuts will be ‘in play’ at future BoE policy meetings. On the other hand, the US economy remained robust in the fourth quarter of last year. This, in turn, provides some support to the Greenback and drags the GBP/USD pair lower. The final US Q4 GDP came in better than expected, growing 3.4% from the previous 3.2% estimate. Meanwhile, the weekly Initial Jobless Claims for the week ended March 22 were at 210K from the previous reading of 212K.
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