24 Juli 2024, GBP/USD
Event to watch out for today:
11:30 GMT+3. GBP - Composite PMI
16:45 GMT+3. USD - Composite PMI
GBPUSD:
GBP/USD is down one-fifth of a percent on Tuesday as traders prepare for a busy midweek market session after a quiet start to the week. S&P Purchasing Managers' Index (PMI) data is due to be released on both sides of the Atlantic, while additional key US data will be released during the second half of the trading week.
UK PMI survey results will start the London session on Wednesday, with investors generally expecting a rebound in July's UK Services PMI. The UK services PMI fell to a seven-month low of 52.1 in June, and average market forecasts expect a recovery to 52.5.
In the US, the July services PMI is expected to fall slightly to 54.4 from June's reading of 55.3. Global markets are broadly forecasting a September Federal Reserve (Fed) rate cut, and investors are waiting for further signs of softening U.S. economic data to bolster the rate outlook. Traders estimate a nearly 100 percent probability that the Federal Open Market Committee (FOMC) will cut rates by at least a quarter point at its September 18 meeting.
This week, quarterly U.S. Gross Domestic Product data will be released on Thursday and Personal Consumption Expenditures (PCE) price index inflation will be released on Friday. The annualized measure of U.S. GDP for the second quarter is forecast to rise to 1.9% from 1.4%, while core PCE inflation on Friday is expected to fall further on an annualized basis to 2.5% for the year ended June, down from 2.6% the previous month.
Trading recommendation: Watch the level of 1.2900, if consolidated above, take Buy positions, if rebounded, take Sell positions.
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