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Reading: GBP/USD sees gains on weak NFP data
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Gulf Press > Business > Forex > GBP/USD sees gains on weak NFP data
Forex

GBP/USD sees gains on weak NFP data

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Last updated: 2024/08/03 at 8:27 PM
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The GBP/USD pair saw a boost on Friday following a disappointing US Nonfarm Payrolls (NFP) report, which led to a decrease in the US Dollar across the board. This helped the Pound Sterling gain some traction, although it ended the week on a lower note against the USD. Moving forward into the upcoming week, investors will be closely monitoring data releases and rate cut speculations to gauge the market sentiment.

The Pound Sterling faced a decline earlier in the week after the Bank of England (BoE) announced a quarter-point rate cut, while the US jobs data painted a gloomy picture of the American economy. The latest NFP report revealed a lackluster increase of 114K new jobs in July, falling short of market expectations. Additionally, the Unemployment Rate increased to 4.3%, marking the highest level since November 2021. Amidst these disappointing figures, the market reacted by extending a two-day decline, amid growing concerns of a potential recession in the US economy.

Looking ahead, the US will release its ISM Manufacturing Purchasing Managers Index (PMI) figures for July, which are expected to show an increase from the previous month. On the UK side, the BRC Like-For-Like Retail Sales for July are also anticipated to rebound. These data releases will play a crucial role in determining the future direction of GBP/USD trading. The technical outlook for the GBP/USD pair remains bearish, with downside momentum persisting, despite some support near the 1.2800 handle.

The Pound Sterling, known as GBP, is the oldest currency in the world and the official currency of the United Kingdom, accounting for a significant portion of global foreign exchange transactions. The value of GBP is heavily influenced by monetary policy decisions made by the Bank of England, particularly in relation to achieving a stable inflation rate. Data releases such as GDP, manufacturing and services PMIs, and trade balances also play a key role in determining the strength of the Pound Sterling.

One of the most impactful data releases for the Pound Sterling is the Trade Balance, which measures the difference between a country’s exports and imports. A positive net trade balance indicates a strong economy and can lead to an increase in the value of the currency. On the other hand, a negative trade balance can weaken the currency. Overall, economic indicators and data releases continue to be crucial in shaping the future trajectory of the Pound Sterling in the forex market.

In conclusion, GBP/USD saw a boost following disappointing US jobs data, but the Pound Sterling remains vulnerable to economic indicators and rate cut speculations. The upcoming week will see key data releases that will likely influence the direction of the currency pair. Traders and investors will closely monitor these developments to make informed decisions in the forex market.

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News Room August 3, 2024
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