Bank of England's Impact on GBP/USD and RBA's Interest Rate Outl
- At 0356 GMT, IG Research highlights the Bank of England's upcoming decision as a pivotal factor affecting the GBP/USD pair. Any indication of a pause or conclusion to the BOE's rate hike cycle could introduce downside risks for the pair. A breach of the 1.264 level might lead to a target of 1.239. The current pair value is up by 0.06% at 1.2718. (venkat.pr@wsj.com)
- At 0108 GMT, Bill Evans, Chief Economist at Westpac and experienced RBA observer, suggests that the Reserve Bank of Australia has likely concluded its current interest rate increases, with the official cash rate peaking at 4.1%. Evans anticipates a rate reduction to commence around September 2024. The RBA seems more confident in inflation moving toward the midpoint of its 2%-3% target range by late 2025. Despite a tight labor market and weakening demand, the likelihood of substantial wage hikes being passed on is lower, alleviating a significant concern for the central bank. (james.glynn@wsj.com; @JamesGlynnWSJ)
GBPUSD BUY 1.2670 - 1.2690 💯💯
✅TP1: 1.2740
✅TP2:1.2780
🛑SL 1.2650
- At 0108 GMT, Bill Evans, Chief Economist at Westpac and experienced RBA observer, suggests that the Reserve Bank of Australia has likely concluded its current interest rate increases, with the official cash rate peaking at 4.1%. Evans anticipates a rate reduction to commence around September 2024. The RBA seems more confident in inflation moving toward the midpoint of its 2%-3% target range by late 2025. Despite a tight labor market and weakening demand, the likelihood of substantial wage hikes being passed on is lower, alleviating a significant concern for the central bank. (james.glynn@wsj.com; @JamesGlynnWSJ)
GBPUSD BUY 1.2670 - 1.2690 💯💯
✅TP1: 1.2740
✅TP2:1.2780
🛑SL 1.2650
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