09 Juli 2024, GBP/USD
Events to watch out for today:
17:00 GMT+3. USD - Federal Reserve Chairman Jerome Powell Speaks
GBPUSD:
The Pound-Dollar pair briefly tested a fresh four-week high on Monday, rising above 1.2840 before broad market flows pushed cable back down to the week's opening prices just above 1.2800. UK data remains sparse this week, with traders' expectations facing an overly cautious Federal Reserve (Fed). Fed speakers are pushing for further signs that US inflation is easing to reach the Fed's 2% annual inflation target.
Fed Chairman Jerome Powell will make the first of two appearances this week when he presents the Fed's latest semi-annual monetary policy report to the U.S. Senate Banking Committee. Fed Chairman Powell will then repeat his appearance when he testifies before the US House Financial Services Committee on Wednesday.
Key US inflation data will be released later this week, with the Consumer Price Index (CPI) coming out on Thursday and the Wholesale Producer Price Index (PPI) on Friday. Traders hoping for further easing in inflation to push the Fed to cut rates sooner may be disappointed later in the week as the CPI and PPI inflation forecasts will either remain unchanged or rise slightly.
UK data is also limited this week, with various speeches from Bank of England (BoE) policymakers scheduled for Wednesday and the results of the industrial and manufacturing activity survey on Thursday. UK industrial and manufacturing output is expected to rise in May after a slight contraction in the previous month.
Trading recommendation: Watch the level of 1.2800, on the rebound take Buy positions. If we consolidate below, take Sell positions.
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