The British pound is trading flat against the US dollar ahead of the US ISM Manufacturing PMI
The British pound settled around 1.3230 against the US dollar (USD), Weak against other currency pairs, during the European trading session on Monday. GBP/USD is consolidating while the US dollar falls further on strong expectations that the Federal Reserve will cut interest rates in its monetary policy announcement next week.
During European trading hours, the US Dollar Index (DXY), which tracks the value of the dollar against six major currencies, hit a new two-week low near 99.30. Read more…
GBP/USD Price Forecast: Pulls back below 100-day EMA amid bearish technical setup
GBP/USD pair It is trading on a lower note around 1.3225 during the early European session on Monday. Increased bets on an interest rate cut by the Federal Reserve (Fed) in December may weigh on the dollar and determine the downside for the major pair. Traders are now pricing in 87% odds that the Fed will cut rates by 25 basis points when it meets next week, according to the CME FedWatch tool.
UK Chancellor Rachel Reeves unveiled the UK’s autumn budget last week, which includes tax rises and changes to business rates, benefits and pensions. Positive sentiment from increased financial clarity could lead to a modest rise for GBP/USD in the near term. Read more…
