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GBP/USD climbed towards 1.2780 on Wednesday as rate cut hopes reignite. US data broadly missed the mark, signs of further softening mount. UK election on Thursday could introduce a fresh round of volatility. GBP/USD extended a near-term rebound on Wednesday, bolstered by a broad softening in US economic figures in the midweek market session. Thursday’s upcoming UK election will draw plenty of attention from Cable traders as US markets hunker down for the wait through Thursday’s market holiday. Forex Today: The UK’s Labour Party is aiming for a landslide victory US ADP Employment Change fell to 150K in June, down from the previous month’s 157K and missing the forecast increase to 160K. Looking deeper into the ADP’s report, many of the already-lower job additions were concentrated in lower-paying leisure and hospitality industries. US Initial Jobless Claims also ticked up for the week ended June 28, rising to 238K week-on-week compared to the previous week’s 233K, more than the forecast 235K. The four-week average of Initial Jobless Claims also ticked higher to 238.5K from 236.25K. US ISM Services Purchasing Managers Index (PMI) in June contracted sharply to 48.8, falling to its lowest level since June of 2020. Services PMI fell from the previous month’s 53.8, entirely undershooting the forecast decline to 52.5. US markets will be dark on Thursday for the US Independence Day holiday, leaving Cable to churn as the UK’s Parliamentary Elections get underway. The Labour Party in the UK is widely expected to win a majority in the government, ending 14 years of Conservative party rule. Based on the latest mega polls released on Wednesday, it is anticipated that Labour will significantly outperform the Conservatives, with Keir Starmer of the Labour Party expected to replace the current Conservative Prime Minister, Rishi Sunak. According to the polling conducted by…

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Filed under: News - @ July 4, 2024 3:10 am