The British pound found some support this Friday, the final trading day of 2023. UK housing price data (see economic calendar below) showed little change from the November read, albeit a marginal improvement. Coupled with a weaker than expected US initial jobless claims print yesterday, cable remains bid as the greenback opened lower today. The overarching narrative of interest rate cuts and a pivot from the Federal Reserve has not changed since last week and will likely continue into the first week of 2024 ahead of some key US economic data including ISM manufacturing PMI’s, FOMC minutes and Non-Farm Payrolls (NFP).
