The post GBP/USD holds below 1.2900 ahead of US NFP data appeared on BitcoinEthereumNews.com.

GBP/USD weakens to near 1.2895 in Friday’s early Asian session.  The US Nonfarm Payrolls data will take center stage later on Friday.  The UK Autumn Forecast Statement weighs on the GBP.  The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday. The major pair edges lower after the UK Labour government announced its first Autumn Forecast Statement on Wednesday.  The US inflation, as measured by the Personal Consumption Expenditure Price Index (PCE), grew at a slightly faster-than-expected pace in September. Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that the headline PCE rose 2.1% YoY in September, compared to 2.2% in August, in line with the market consensus of 2.1%.  The core PCE, which excludes volatile food and energy prices, jumped 2.7% in the same period, matching August’s rise and above the market estimation of 2.6%. According to the CME FedWatch tool, the financial markets expect the Fed to cut the interest rate by 25 basis points (bps) in both of the policy meetings to be held in the November and December meetings. Investors will closely monitor the US Nonfarm Payrolls (NFP) data for October on Friday for fresh impetus. The NFP report is expected to show that the US economy added 113K job additions in October, while the Unemployment Rate is expected to remain steady at 4.1%. On the UK’s front, the UK’s new Labour government released its first budget on Wednesday, which includes £40 billion in tax rises to plug a hole in the public finances and allow for investment in public services.  Additionally, the UK’s Office for Business Responsibility (OCR) upwardly revised inflation forecasts for 2024 to 2.5% from 2.2% estimated earlier in March, a revision that also led traders to expect…

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Filed under: News - @ November 1, 2024 1:11 am