USD strengthened amid supportive US data, US GDP showed actual data of 3.0%, in line with expectations, the same as the previous revision of 3.0%. On the other hand, Unemployment Claims showed actual data of 218k lower than the forecast of 224k from the previous revision of 222k. Meanwhile, Core Durable Goods Orders were 0.5% higher than the forecast of 0.1% from the previous revision of -0.2%. Advance durable goods 0.0% from forecast -2.8% from the previous revision of 9.8%.
GBPUSD yesterday drew a long-body bullish candlestick with a Low of 1.33000, a high of 1.34335, and a close at 1.34140 on the FXOpen platform. The pair has set new record highs throughout 2024.
The Fed has recently cut interest rates by 50 basis points which has had an impact on global markets, some investors are even predicting the possibility that a rate cut might be carried out by the Fed in response to the slowing US economy even though the Fed Chair Jerome Powell last week confirmed the Fed's move is not a quick response to potential recession data, but rather a precautionary step to help shore up the US workforce.
According to the FedWatch tool from the CME Group, the forecast for the Fed cutting interest rates by 50 basis points is 51.1%, and the forecast for a 25 basis point cut is 48.9%.
Today, investors are waiting for the release of Personal Consumption Expenditure (PCE) inflation data, which is the Fed's most preferred indicator in determining the direction of interest rate policy. The Core PCE Price Index is forecast at 0.2%, the same as the previous revision of 0.2%.
View attachment 7633
GBPUSD yesterday drew a long-body bullish candlestick with a Low of 1.33000, a high of 1.34335, and a close at 1.34140 on the FXOpen platform. The pair has set new record highs throughout 2024.
The Fed has recently cut interest rates by 50 basis points which has had an impact on global markets, some investors are even predicting the possibility that a rate cut might be carried out by the Fed in response to the slowing US economy even though the Fed Chair Jerome Powell last week confirmed the Fed's move is not a quick response to potential recession data, but rather a precautionary step to help shore up the US workforce.
According to the FedWatch tool from the CME Group, the forecast for the Fed cutting interest rates by 50 basis points is 51.1%, and the forecast for a 25 basis point cut is 48.9%.
Today, investors are waiting for the release of Personal Consumption Expenditure (PCE) inflation data, which is the Fed's most preferred indicator in determining the direction of interest rate policy. The Core PCE Price Index is forecast at 0.2%, the same as the previous revision of 0.2%.
View attachment 7633
Welcome to Admin Junkies