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GBP/USD declined one-fifth of one percent on Tuesday. A quiet start to the week ends with Wednesday’s double-header PMI data. US GDP due on Thursday, PCE inflation on Friday. GBP/USD eased lower on Tuesday to decline one-fifth of one percent as traders buckle up for a hectic midweek market session after a quiet start to the trading week. S&P Purchasing Managers Index (PMI) activity figures are due on both sides of the Atlantic, and further key US data is due throughout the back half of the trading week. Forex Today: Global PMIs take centre stage UK PMI activity survey results will kick off Wednesday’s London market session, and investors are broadly expecting a recovery in July’s UK Services PMI. The UK’s Services PMI dipped to a seven-month low of 52.1 in June, and median market forecasts expect a rebound to 52.5. On the US side, July’s Services PMI is expected to ease slightly to 54.4 from June’s 55.3. Global markets are broadly forecasting a September rate cut from the Federal Reserve (Fed), and investors are looking for further signs of softening in US economic figures in order to hammer in the rate outlook. Rate traders are pricing in nearly 100% odds of at least a quarter-point rate cut from the Federal Open Market Committee (FOMC) at the September 18 rate call. Rolling through the week, quarterly US Gross Domestic Product figures are slated for Thursday, with US Personal Consumption Expenditure Price Index (PCE) inflation on the books for Friday. Annualized Q2 US GDP is forecast to tick up to 1.9% from 1.4%, while Core PCE inflation on Friday is expected to cool further on a YoY basis to 2.5% for the year ended in June compared to the previous month’s 2.6%. British Pound PRICE This week The table below shows…

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Filed under: News - @ July 24, 2024 3:08 am