GBP/USD weakens to near 1.2840

GBP/USD extends the decline below 1.2850 ahead of UK employment data

The GBP/USD pair extends its downside to near 1.2840 on Tuesday during the early European session. The Greenback remains firm as Trump trades continue to rally. Investors will closely monitor the UK employment data, which is due later on Tuesday.

The Bank of England (BoE) decided to cut interest rates by 25 basis points (bps) last week, bringing the bank’s key rate to 4.75%. The BOE Governor Andrew Bailey stated during the press conference that the UK central bank needs to retain a “gradual approach” to policy easing. Read more…

GBP/USD falters ahead of UK labor and wages data dump

GBP/USD skidded back into familiar lows on Monday, squirting back below the 1.2900 handle as Cable traders brace for the latest round of UK wages and jobs data due early Tuesday. The US market session was a quiet affair, with markets tilting firmly into risk appetite but still bolstering the US Dollar into the high side.

The London market session will kick off Tuesday with a fresh print in UK Average Earnings for September and UK Employment Change for the rolling three-month period ended in October. UK Average Earnings are expected to tick up to 3.9% for the annualized three-month period ended in September, up slightly from the previous period’s 3.8%. On net job additions, the UK is expected to shed around 50K jobs, down sharply from the previous period’s net increase of 373K. The UK’s Claimant Count Change is also expected to rise in October, forecast to increase to 30.5K MoM compared to the previous print of 27.9K. Read more…