The GBP/USD pair attracts some buyers on the first day of a new week and sticks to its modest intraday gains, below mid-1.2700s through the Asian sess
The GBP/USD pair attracts some buyers on the first day of a new week and sticks to its modest intraday gains, below mid-1.2700s through the Asian session. Spot prices, however, remain confined in a familiar trading band held over the past three weeks or so and the mixed fundamental backdrop warrants some caution before placing aggressive bullish bets.
The British Pound continues to draw support from rising bets for further interest rate hikes by the Bank of England , which, along with subdued US Dollar price action, is seen lending some support to the GBP/USD pair. In fact, the current market pricing indicates a more than 80% chance of a 25 bps lift-off at the next BoE meeting in September. The bets were lifted by the fact that British wages grew at a record pace in the second quarter, which added to worries about long-term inflation.
GBP/USD buyers struggle to keep the reins after beating the bears the last week, following four consecutive weekly declines. With this, thepair seesaws near 1.2740-30 amid the early hours of Monday’s Asian session after positing the first weekly gain in five. That said, the latest round of the UK housing and employment signals seem to join the market’s cautious mood ahead of this week’s top-tier data/events to prod the Pound Sterling buyers.
As per the latest survey of the UK’s job search website Adjuna, vacancies and advertised starting salaries marked their first fall of 2023 in July. That said, Adjuna co-founder Andrew Hunter mentioned, per Reuters, “Whilst it's natural to see vacancies fall during the summer months, as companies traditionally slow hiring, the early figures for July's jobs data will demonstrate to UK policymakers that inflation truly should be on a downward trajectory.
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