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GBPUSD:
GBP/USD was flat on Tuesday, consolidating just above 1.2900 as investors await US President Donald Trump’s much-anticipated tariff announcement scheduled for Wednesday evening. President Trump is expected to unveil his ‘retaliatory’ tariff package at 19:00 GMT on Wednesday.
The Wall Street Journal reported on Tuesday that the US trade office may be preparing a last-minute alternative tariff proposal to present to Donald Trump in an attempt to soften and streamline a slew of tariff threats.
ISM’s US manufacturing PMI for March declined faster than expected, falling to 49.0 from 50.3, as businesses lulled ahead of expected tariff announcements. Average market forecasts had expected the index to come in at 49.5 or higher. ISM’s manufacturing new orders index also fell sharply for the second month in a row, dropping to a two-year low of 45.2.
The UK economic data release schedule remains loose this week, however, fresh US Nonfarm Payrolls (NFP) employment data is due out later this week. The release of NFP could be an important factor for markets as the US economy transitions into a post-tariff economic environment and the March labour data will serve as an ‘indicator’ of the impact of the Trump team’s tariff plans.
Trading recommendation: BUY 1.2925, SL 1.2845, TP 1.3065
Origin: FreshForex
