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28 Dec 2023

GBP/USD holds above 1.2800 amid the USD weakness, focus on US Jobless Claims

  • GBP/USD attracts some buyers above 1.2800 amid the USD softness.
  • Markets are now pricing in over 88% of a rate cut from the Fed starting in March 2024.
  • The Bank of England (BoE) has insisted on keeping borrowing costs at their 5.25% level for some time.
  • Investors will focus on the US Initial Jobless Claims, Trade Balance, and November Pending Home Sales on Thursday.

The GBP/USD pair extends its upside above the 1.2800 mark during the Asian trading hours on Thursday. The decline in inflationary pressure in the US economy and dovish comments from the Federal Reserve (Fed) have dragged the US Dollar (USD) lower and lent some support to GBP/USD. At press time, the major pair is trading at 1.2810, up 0.09% on the day.

The Greenback remains under pressure as investors anticipate that the Federal Reserve (Fed) could soon cut interest rates. Markets are now pricing in over 88% of a rate cut starting in March 2024, according to the CME Fedwatch tool, with more than 150 basis points (bps) of cuts priced in for next year.

On the other hand, the Bank of England (BoE) indicated that the rate cuts are not yet close in the UK. The BoE maintained interest rates for the third successive meeting and insisted on keeping borrowing costs at their 5.25% level for some time. The central bank policymakers said earlier that it’s premature to talk about cutting rates. However, money markets expected the interest rate cuts next year, with the first cut coming in May.

Amidst the holiday season's thin trading, the risk sentiment is likely to continue influencing GBP/USD movements until the New Year. Later on Thursday, the US Initial weekly Jobless Claims, Trade Balance, and November Pending Home Sales will be released. The UK Nationwide Housing Prices and the US Chicago Purchasing Managers' Index will be due on Friday.

 

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