The post Pound Sterling grips gains against US Dollar ahead of US NFP appeared on BitcoinEthereumNews.com.

The Pound Sterling holds onto recent gains near 1.2770 against the USD ahead of the US labor market data for November, which will be published at 13:30 GMT. Investors expect the Fed to cut interest rates by 25 bps in the policy meeting on December 18. BoE hawk Megan Greene warned on Thursday that UK inflation may remain above the 2% target in the medium term. The Pound Sterling (GBP) holds onto gains near 1.2770 against the US Dollar (USD) in European trading hours on Friday. The GBP/USD pair gained sharply on Thursday after the release of the United States (US) Initial Jobless Claims data for the week ending November 29, which showed that individuals claiming jobless benefits for the first time increased to 224K against the estimates and the previous week’s reading of 215K. The Cable is expected to trade muted ahead of the release of the US Nonfarm Payrolls (NFP) data for November at 13:30 GMT. Investors will pay close attention to the US official labor market data to get fresh cues about whether the Federal Reserve (Fed) will cut interest rates in its policy meeting on December 18. The Fed started its policy-easing cycle in September as officials were worried about deteriorating labor demand and were confident about inflation returning to the bank’s target of 2%. Economists expect the US economy added 200K fresh workers, significantly higher than the 12K increase seen in October. Payroll growth was significantly lower last month as some industries were affected by the hurricanes and there were labor strikes at Boeing plants. The Unemployment Rate is estimated to have increased to 4.2% from 4.1%. Investors will also focus on the Average Hourly Earnings data, a key measure for wage growth,, which is expected to have grown by 3.9%, slower than 4% in…

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Filed under: News - @ December 6, 2024 8:16 am