Commerzbank’s Thu Lan Nguyen highlights that recent UK data have become crucial after the Bank of England’s narrow decision to keep rates unchanged. She argues that labour market and inflation releases could significantly move Pound exchange rates.
Commerzbank’s Thu Lan Nguyen highlights that recent UK data have become crucial after the Bank of England’s narrow decision to keep rates unchanged. She argues that labour market and inflation releases could significantly move Pound exchange rates.
A combination of weak employment and softer inflation would likely boost BoE rate cut expectations and pressure GBP.UK labour and inflation in focus'Following the Bank of England's extremely close interest rate decision at the beginning of February, economic data from the UK is likely to be followed with great interest at present. In this respect, today's labor market data, and especially tomorrow's inflation data, could bring some movement to GBP exchange rates.''At present, the BoE finds itself in something of a dilemma. The economy has recently shown signs of weakness . At the same time, inflation is proving stubborn, even if there have been some positive surprises lately.''Not least for this reason, central bankers have been very hesitant to cut interest rates so far. If the trend of rather disappointing employment continues and inflation surprises on the downside, expectations of interest rate cuts could gain new momentum and put pressure on the pound.'
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GBP/USD Price Forecast: Flattens around 20-day EMA ahead of UK employment dataThe GBP/USD pair trades flat around 1.3640 during the early European trading session on Monday. Cable trades calm as investors await the release of the United Kingdom (UK) labor market data for three months ending December, which is scheduled for Tuesday.
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GBP/JPY recovers to near 209.30 even as Japan’s GDP returns to growthThe GBP/JPY pair is up 0.33% to near 209.30 during the European trading session on Monday. The cross recovers at the start of the week after bleeding past week as the Japanese Yen (JPY) corrects following the release of Japan’s Q4 Gross Domestic Product (GDP) data.
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EUR/GBP Price Forecasts: Dips below 0.8700 with bulls losing steamThe Euro (EUR) extends losses below 0.8700 against the British Pound (GBP) on Monday, approaching the bottom of last week’s trading range, at 0.8685, after being rejected from the top of the broader downtrend channel, which now lies around 0.8720.
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GBP: Data and politics weigh on PoundING’s Francesco Pesole highlights a heavy UK data calendar, with jobs and inflation likely to confirm cooling labour conditions and subdued core services inflation. If trends persist into March, he sees a Bank of England rate cut as increasingly likely.
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EUR/GBP trades lower as Eurozone Industrial Production disappoints, UK data awaitedThe Euro (EUR) edges lower against the British Pound (GBP) on Monday amid thin market conditions. At the time of writing, EUR/GBP is trading around 0.8689, remaining confined within its week-old trading range.
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When is the UK employment data and how could it affect GBP/USD?The United Kingdom (UK) labor market data for the three months ending December is scheduled to be published today at 07:00 GMT.
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