The economic docket on both sides of the Atlantic remains scarce, though the latest data from the United States (US) witnessed Durable Goods Orders rising 1.4% in February, above estimates of 1.1%. Other data showed that US consumer confidence missed estimates of 107, coming at 104.7 in March. Dana M. Peterson, Chief Economist at The Conference Board, commented, “Consumers remained concerned with elevated price levels, which predominated write-in responses.”
Later, the Fed Governor Christopher Waller is expected to cross newswires at around 22:00 GMT. In Waller’s last speech, he said the Fed is in no rush to cut rates, which has sponsored a repricing of a less dovish Fed, as shown by the CME FedWatch Tool. Money markets see 70% odds for a 25 basis points interest rate cut by the Fed in June.
Aside from this, GBP/USD traders are eyeing the release of the Fed’s preferred measure of inflation, the Core Personal Consumption Expenditure (PCE) price index. If inflation edges lower, that could fuel rate cut speculations of the Fed, but the figures must be taken with a pinch of salt as Fed Chair Jerome Powell would speak at 15:30 GMT.
Across the pond, traders are eyeing the release of the latest Gross Domestic Product (GDP) figures for Q4 on Thursday, along wth the Current Account numbers for the same period.
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