GBP/USD softens to near 1.3000 ahead of UK Autumn Budget
The GBP/USD pair weakens around 1.3010 despite the consolidation of the US Dollar (USD) during the early Asian session on Wednesday. Investors await the release of the UK’s Autumn Budget, the US October ADP Employment Change and the advanced US Q3 Gross Domestic Product (GDP), which are due later on Wednesday.
The US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday that Job openings came in at 7.443 million, followed the 7.861 million (revised from 8.04 million) seen in August, and came in below the market expectation of 7.99 million. This report might prompt the Federal Reserve (Fed) dovish bets and weigh the Greenback against the Pound Sterling (GBP). Read more…
GBP/USD Price Forecast: Consolidates at around 1.3000 due to soft US Dollar
The Pound Sterling climbed past 1.3000 for the first time in five days after a US jobs report increased the chances that the Federal Reserve (Fed) would cut rates at the last two meetings in 2024. The GBP/USD trades at 1.2998, posting gains of over 0.21%.
The GBP/USD has been range-bound within the 1.2900/1.3000 mark, unable to break the bottom/top of the area. Investors remain reluctant to position themselves as they eye the release of the UK budget, seen as traders as the next catalyst, ahead of the policy decisions of the Bank of England and the Federal Reserve next week. Read more…
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