Yesterday we saw ADP Employment Change figures released in The US for January, with 183,000 extra jobs being created from previously.
This was an extra 33,000 than forecast and brought further strength to The Dollar, ahead of the eagerly anticipated Non-Farm Payroll.
Pound Sterling's recent reprieve is set to be short-lived today once The Bank of England set in motion a path of interest rate cuts, to help aid a slowing economy. A 25 basis-point cut is pretty much fully priced in for this afternoon, with eight of the nine committee members expected to back a cut. The downward pressure on Sterling will more than likely come from forward guidance after this decision, with The Bank of England set to commit to a further three rate cuts throughout 2025. Ultimately sticking with their quarterly rate cut cycle.
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