The post GBP/USD rallies on rate cut hopes, NFP Friday in the barrel appeared on BitcoinEthereumNews.com.

GBP/USD found room to move on the high end on Thursday. BoE Governor Bailey gave a head nod to further rate cuts in 2025. Market sentiment is tilting into the risk-on side ahead of Friday’s US NFP jobs print. GBP/USD climbed on Tuesday, bolstered by Bank of England (BoE) Governor Andrew Bailey tipping his hand and revealing a path forward to further rate cuts in 2025. Broad-market investor sentiment remains on the high side, although a fresh round of key US Nonfarm Payrolls (NFM) jobs figures are looming just ahead on Friday. Four rate cuts from the BoE in 2025, maybe BoE Governor Bailey noted earlier Thursday that he sees around four rate cuts in 2025, which briefly sent the Pound stumbling during the London market session, but GBP traders quickly recovered their footing and pushed Cable back into the high end for the day. The head of the UK central bank reiterated cautious talking points and reaffirmed a data-dependent stance, helping to keep market expectations on-balance that the BoE will leave rates unchanged on December 19. Initial Jobless Claims for the week ended November 29 rose to a six-week high of 224K, missing the expected print of 215K and stepping above the previous week’s revised 215K. Challenger Job Cuts in November also rose to 57.727K, but the batch of mid-tier labor data pales in comparison to Friday’s upcoming NFP print. Investors are expecting November’s NFP net jobs additions to rebound to 200K after the previous month’s stumble to 12K. October’s shockingly low print was attributed to layoffs from hurricanes and labor strikes, and investors are hoping for a healthy rebound in job gains. GBP/USD price forecast The GBP/USD daily chart shows the pair trading at 1.2758, attempting to recover after a significant downtrend that began in late July. The…

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Filed under: News - @ December 5, 2024 11:16 pm