{"id":321227,"date":"2024-06-11T19:22:25","date_gmt":"2024-06-11T13:52:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=321227"},"modified":"2024-06-11T19:22:25","modified_gmt":"2024-06-11T13:52:25","slug":"pound-sterling-recuperates-losses-as-steady-uk-wage-growth-diminish-boe-rate-cut-prospects-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pound-sterling-recuperates-losses-as-steady-uk-wage-growth-diminish-boe-rate-cut-prospects-crypto-news\/","title":{"rendered":"Pound Sterling recuperates losses as steady UK wage growth diminish BoE rate-cut prospects &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>The Pound Sterling rebounds to\u00a01.2750\u00a0as steady UK\u00a0wage growth undermines BoE rate-cut bets for the August meeting.<\/strong><\/li>\n<li><b>UK Average Earnings Excluding bonuses rose steadily by 6%.<\/b><\/li>\n<li><strong>Investors see the Fed arguing to maintain a restrictive framework for longer.<\/strong><\/li>\n<\/ul>\n<p>The Pound Sterling (GBP) revives\u00a0intraday losses and recovers\u00a0to 1.2740 in Tuesday\u2019s New York session. The GBP\/USD pair rebounds despite\u00a0poor United Kingdom (UK) Employment data for three months through\u00a0April and a firm US Dollar (USD) amid expectations that the Federal Reserve (Fed) will delay interest-rate cuts.<\/p>\n<p>The UK Office for National Statistics (ONS)\u00a0reported that the labor market recorded a drawdown for the fourth time in a row. Employment fell by\u00a0140,000 workers in the three months to April, less than the 177,000\u00a0decline in employment seen in the January-March period. The ILO Unemployment Rate rose to 4.4%, higher than the expected 4.3%, which is the highest reading in more than two years. The labor market data indicates that firms struggle to bear the consequences of the Bank of England&#8217;s (BoE) higher interest rates.<\/p>\n<p>However, the negative impact of poor labor demand on BoE&#8217;s restrictive monetary policy framework has been offset by\u00a0steady wage growth in\u00a0the February-April period.\u00a0Average Earnings Excluding Bonuses, which is a wage inflation measure, grew in line with estimates and the prior release of 6.0%. Also, Average Earnings Including bonuses grew steadily by 5.9%, upwardly revised from 5.7% and higher than the estimates of 5.7%. High wage growth could hamper the BoE&#8217;s move towards lowering interest rates.<\/p>\n<h2 class=\"fxs_headline_medium\">Daily digest market movers: Pound Sterling recovers albeit\u00a0soft UK Employment<\/h2>\n<ul>\n<li>The Pound Sterling rebounds to\u00a0near 1.2740\u00a0against the US Dollar despite the appeal of the latter remains firm. The US Dollar rises\u00a0as investors turn cautious ahead of the United States (US) Consumer Price Index (CPI) data for May and the Federal Reserve\u2019s interest rate decision, which are scheduled for Wednesday. The US Dollar Index (DXY), which tracks the Greenback\u2019s value against six major currencies, approaches a monthly high near\u00a0105.40.<\/li>\n<li>Monthly headline inflation is expected to grow at a slower pace of 0.1% from 0.3% in April, with annual figures growing steadily by 3.4%. In the same period, the annual core CPI, which excludes volatile food and energy prices, is expected to have decelerated to 3.5% from the former release of 3.6%, with monthly figures maintaining the current growth rate of 0.3%.<\/li>\n<li>Steady or higher-than-expected inflation\u00a0figures would force Fed policymakers to advocate for maintaining the current interest rate framework for a longer period. Soft figures, on the other hand, would reinforce\u00a0their confidence that the progress in the disinflation process has not stalled.<\/li>\n<li>The major event for investors will be the Fed\u2019s interest rate decision, in which officials are expected to keep rates on hold for the seventh straight time. Policymakers said they won&#8217;t lower rates\u00a0until they get\u00a0sufficient evidence that inflation will sustainably return to the desired rate of 2%. Investors will keenly focus on Fed Chair Jerome Powell\u2019s press conference and the dot plot to get significant cues about the interest rate outlook.<\/li>\n<li>Currently, market speculation for Fed rate cuts for the entire year suggests that there will be only one rate cut this year, either in the November or December meeting. Meanwhile, investors\u2019 expectations for the Fed reducing interest rates in the September meeting have\u00a0diminished significantly.<\/li>\n<\/ul>\n<h2 class=\"fxs_headline_medium\">Pound Sterling Price Today:<\/h2>\n<div class=\"module_currencyprices_cke post-module\">\n<div class=\"fxs-major-currency-prices-wrapper\" data-config-topic=\"GBP\" data-content-module-translate=\"1\" data-module=\"currencyprices\" data-type=\"currencyprices\" data-version=\"v1\" id=\"content-module-currencyprices-GBP-929\">\n<h2 class=\"fxs-major-currency-prices-title\">British Pound PRICE Today<\/h2>\n<p class=\"fxs-major-currency-prices-content\">The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Euro.<\/p>\n<table border=\"1\" class=\"fxs-major-currency-prices-currency-prices-table\">\n<thead>\n<tr>\n<th>\u00a0<\/th>\n<th>GBP<\/th>\n<th>USD<\/th>\n<th>EUR<\/th>\n<th>JPY<\/th>\n<th>CAD<\/th>\n<th>AUD<\/th>\n<th>NZD<\/th>\n<th>CHF<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>GBP<\/th>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.12%<\/td>\n<td class=\"light-green\">0.31%<\/td>\n<td class=\"light-green\">0.22%<\/td>\n<td class=\"light-green\">0.22%<\/td>\n<td class=\"light-green\">0.28%<\/td>\n<td class=\"light-green\">0.11%<\/td>\n<td class=\"light-green\">0.14%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>USD<\/th>\n<td class=\"light-red\">-0.12%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.19%<\/td>\n<td class=\"light-green\">0.09%<\/td>\n<td class=\"light-green\">0.09%<\/td>\n<td class=\"light-green\">0.15%<\/td>\n<td class=\"light-red\">-0.01%<\/td>\n<td class=\"light-green\">0.04%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>EUR<\/th>\n<td class=\"light-red\">-0.31%<\/td>\n<td class=\"light-red\">-0.19%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-red\">-0.08%<\/td>\n<td class=\"light-red\">-0.09%<\/td>\n<td class=\"light-red\">-0.02%<\/td>\n<td class=\"light-red\">-0.19%<\/td>\n<td class=\"light-red\">-0.14%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>JPY<\/th>\n<td class=\"light-red\">-0.22%<\/td>\n<td class=\"light-red\">-0.09%<\/td>\n<td class=\"light-green\">0.08%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-red\">-0.00%<\/td>\n<td class=\"light-green\">0.04%<\/td>\n<td class=\"light-red\">-0.13%<\/td>\n<td class=\"light-red\">-0.07%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>CAD<\/th>\n<td class=\"light-red\">-0.22%<\/td>\n<td class=\"light-red\">-0.09%<\/td>\n<td class=\"light-green\">0.09%<\/td>\n<td class=\"gray\">0.00%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.06%<\/td>\n<td class=\"light-red\">-0.11%<\/td>\n<td class=\"light-red\">-0.08%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>AUD<\/th>\n<td class=\"light-red\">-0.28%<\/td>\n<td class=\"light-red\">-0.15%<\/td>\n<td class=\"light-green\">0.02%<\/td>\n<td class=\"light-red\">-0.04%<\/td>\n<td class=\"light-red\">-0.06%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-red\">-0.17%<\/td>\n<td class=\"light-red\">-0.15%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>NZD<\/th>\n<td class=\"light-red\">-0.11%<\/td>\n<td class=\"gray\">0.00%<\/td>\n<td class=\"light-green\">0.19%<\/td>\n<td class=\"light-green\">0.13%<\/td>\n<td class=\"light-green\">0.11%<\/td>\n<td class=\"light-green\">0.17%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.04%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>CHF<\/th>\n<td class=\"light-red\">-0.14%<\/td>\n<td class=\"light-red\">-0.04%<\/td>\n<td class=\"light-green\">0.14%<\/td>\n<td class=\"light-green\">0.07%<\/td>\n<td class=\"light-green\">0.08%<\/td>\n<td class=\"light-green\">0.15%<\/td>\n<td class=\"light-red\">-0.04%<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"fxs-major-currency-prices-currency-prices-legend\">The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)\/USD (quote).<\/p>\n<\/div>\n<\/div>\n<h2 class=\"fxs_headline_medium\">Technical Analysis: Pound Sterling holds key\u00a020-DEMA<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_GBP_USD_2024-06-11_11-56-15-638536846010009620.png\"><\/a><\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/currencies\/gbpusd\">Pound Sterling<\/a> finds an interim cushion near the round-level support of 1.2700 against the US Dollar. The GBP\/USD pair continues to be well-supported by the 20-day Exponential Moving Average (EMA), which trades around 1.2714. Also, the 50-day EMA is loping higher, suggesting that the near-term trend is still upbeat.<\/p>\n<p>The Cable still holds the 61.8% <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/support-resistance\/fibonacci\">Fibonacci<\/a> retracement support (plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300) at 1.2665.<\/p>\n<p>However, the 14-period Relative Strength Index (RSI) has shifted into the lower range of 40.00-60.00, suggesting that the momentum is losing strength.<\/p>\n<div class=\"module_calendar_event_cke post-module\">\n<div class=\"fxs-event-module-wrapper\" data-config-event-id=\"fcfae951-09a7-449e-b6fe-525e1335aaba\" data-config-mode=\"Upcoming\" data-config-topic=\"6fb2b9ed-6aec-40cd-90c8-3b414b213a01\" data-content-module-translate=\"0\" data-module=\"event\" data-type=\"event\" data-version=\"v1\" id=\"content-module-event-6fb2b9ed-6aec-40cd-90c8-3b414b213a01-345\">\n<h2 class=\"fxs-event-module-title\">Economic Indicator<\/h2>\n<div class=\"fxs-event-module-inner-calendar\">\n<div class=\"fxs-event-module-calendar-title-description-wrapper\">\n<h3 class=\"fxs-event-module-calendar-title\">Fed Interest Rate Decision<\/h3>\n<p class=\"fxs-event-module-content\">The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/federalreserve.gov\/\">Federal Reserve<\/a> (Fed) deliberates on monetary policy and makes a decision on interest rates at eight pre-scheduled meetings per year. It has two mandates: to keep inflation at 2%, and to maintain full employment. Its main tool for achieving this is by setting interest rates \u2013 both at which it lends to banks and banks lend to each other. If it decides to hike rates, the US Dollar (USD) tends to strengthen as it attracts more foreign capital inflows. If it cuts rates, it tends to weaken the USD as capital drains out to countries offering higher returns. If rates are left unchanged, attention turns to the tone of the Federal Open Market Committee (FOMC) statement, and whether it is hawkish (expectant of higher future interest rates), or dovish (expectant of lower future rates).<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" class=\"fxs-event-module-read-more\" href=\"https:\/\/fxstreet.com\/economic-calendar\/event\/fcfae951-09a7-449e-b6fe-525e1335aaba\" title=\"read more\">    <span>Read more.<\/span> <\/a><\/div>\n<div class=\"fxs-event-module-release\">\n<p><strong>Next release:<\/strong> <span>Wed Jun 12, 2024 18:00 <\/span><\/p>\n<p><strong>Frequency:<\/strong> <span>Irregular<\/span><\/p>\n<p><strong>Consensus:<\/strong> <span>5.5%<\/span><\/p>\n<p><strong>Previous:<\/strong> <span>5.5%<\/span><\/p>\n<p><strong>Source:<\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/default.htm\"> <span>Federal Reserve<\/span>    <\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Pound Sterling rebounds to\u00a01.2750\u00a0as steady UK\u00a0wage growth undermines BoE rate-cut bets for the August meeting. UK Average Earnings Excluding bonuses rose steadily by 6%. Investors see the Fed arguing to maintain a restrictive framework for longer. The Pound Sterling (GBP) revives\u00a0intraday losses and recovers\u00a0to 1.2740 in Tuesday\u2019s New York session. The GBP\/USD pair rebounds [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":135257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,712,248,251,246,257,497,366,641,255,250,252,247,253,249,5212,256,254],"class_list":["post-321227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-boe","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-employment","tag-fed","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-seo","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/321227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=321227"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/321227\/revisions"}],"predecessor-version":[{"id":321234,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/321227\/revisions\/321234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/135257"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=321227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=321227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=321227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}