24 September 2024, GBP/USD
GBPUSD:
At the start of the new trading week, the GBP/USD pair reached a new 30-month high, as the US dollar faced broad-based selling pressure. The Federal Reserve's (Fed) last-minute decision to implement a double rate cut last week resulted in a decline in dollar flows, which contributed to the appreciation of the British pound.
There will be a lull in market activity on Tuesday, as there is only a limited amount of significant data scheduled for release in the UK. The US economic calendar is focused on averages, although investors will be monitoring comments from Fed Chair Michelle Bowman, which are scheduled for release during the US market session.
The Pound faces potential challenges on the political front. UK Prime Minister Keir Starmer has acknowledged the possibility of a conflict between the UK's domestic economy and the 'painful' economic reforms that are necessary, particularly given the UK's higher inflation rates compared to other countries.
The S&P US Manufacturing PMI for September fell to 47.0, reaching its lowest level since July 2023. This is indicative of the persisting gloomy outlook for business activity in the US manufacturing sector. In contrast, the S&P US Services PMI declined to 55.4 in September, down from August's 55.7 but above the projected 55.2.
Austan Goolsbee, a policymaker at the US Federal Reserve Bank of Chicago and President of the Federal Reserve Bank of Chicago, made comments on Monday that had a negative impact on the markets. He stated that the Federal Reserve may have to make further interest rate adjustments. The official highlighted that the Federal Reserve may have to reduce interest rates significantly to maintain liquidity in business credit and support US businesses as the US labor market reaches record levels of tightness.
Trading recommendation: Trading predominantly Buy orders from the current price level.
Connect Drawdown bonus 101% and trade with double your deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!
en 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 