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The pound remained steady on Thursday, poised for a modest weekly gain against the dollar ahead of U.S. employment data, which could shape the currency markets in the coming weeks and months. GBP/USD rose 0.25%, closing at 1.3177, edging back towards its last week’s two-year high of $1.3269.
(GBP/USD Daily Price Chart, Source: Trading View)
The Bank of England will meet in two weeks to set monetary policy. Currently, the derivatives market suggests traders see little chance of a rate cut this month, though a quarter-point cut is fully priced in for November. The BoE, which was the first major central bank to raise rates in 2021, is expected to be among the slowest to lower them, a factor that has supported the pound this year.
However, with U.S. monthly employment data set for release on Friday, analysts expect overall activity in the currency market to remain steady for now. Economists polled by Reuters forecast an increase of 160,000 in U.S. nonfarm payrolls for August, up from July’s 114,000 gain. Markets are also factoring in approximately 100 basis points of rate cuts from the Federal Reserve over the remainder of the year.
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