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GBP/USD trades with mild losses below 1.3400 ahead of US PMI data The GBP/USD pair struggles to gain ground around 1.3370 during the Asian session on Tuesday. Less dovish remarks from Federal Reserve (Fed) Chair Jerome Powell provide some support to the Greenback and drag the major pair lower. Investors brace for the US September ISM Manufacturing Purchasing Managers Index (PMI) data and the speeches from Fed’s Raphael Bostic and Lisa Cook later on Tuesday.  Fed Chair Jerome Powell said on Monday that the US central bank intends to do what it takes to keep the economy “in solid shape,” but it is not in a hurry and will lower its benchmark rate ‘over time.’ Atlanta Federal Reserve President Raphael Bostic noted on Monday he would be open to another 50 basis point (bps) rate reduction at the November meeting if upcoming data show job growth slowing faster than expected. However. Bostic said he previously penciled in just one more 25 bps rate cut this year. Read more… GBP/USD grapples with 1.34 as markets weigh data outlook GBP/USD cycled just south of the 1.3400 handle to kick off the new trading week, but intraday price action flubbed the key price level, closing back below the round figure barrier after cautionary statements from Federal Reserve (Fed) Chair Jerome Powell trimmed rate cut expectations and bolstered the Greenback. High-impact data is limited for GBP traders this week, but Cable bidders will be keeping an eye out for the Bank of England’s (BoE) Monetary Policy Report Hearings due early Thursday. On the US side, markets will be broadly pivoting into watching the runup to Friday’s US Nonfarm Payrolls report for September. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-trades-with-mild-negative-bias-near-13370-202410010438

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Filed under: News - @ October 1, 2024 5:26 am