GBP/USD found a Fed-fueled surge on Friday, climbing roughly a full percent through the day’s trading and closing the week with a seventh consecutive bullish daily candle as the US Dollar slumps across the board.
According to the CME’s FedWatch Tool, rate markets are pricing in roughly three-to-one odds of a double cut on September 18, with the rest of the rate board still committed to a single quarter-point cut. Bets of a 50 bps opening rate trim in September rose after Fed Chairman Jerome Powell, while speaking at the Jackson Hole Economic Symposium on Friday, openly admitted that the time has finally come for the US central bank to begin pushing reference rates down.
Coming up next week, Cable traders will want to keep an eye out for the UK’s upcoming bank holiday on Monday. Throughout the rest of the week, UK economic data releases remain limited, though money markets will be paying extra-close attention to upcoming US Gross Domestic Product (GDP) growth and Personal Consumption Expenditure (PCE) inflation figures slated for later next week.
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