İş dünyası için kritik: GBP düşerken USD güç kazandı; Fed kararları için olasılıklar hafifçe değişti

Kısaca

NFP verisi 29 bin olarak açıklandı; beklenti 90 bin civarındaydı. ABD işgücü piyasası zayıfladı. Fed’in Ekim toplantısında faiz değişikliği yapmama olasılığı yaklaşık %77,9 olarak fiyatlandı. GBP/USD 1,3240 civarında işlem gördü; BoE’nin yıl içerisinde sınırlı artış ihtimali fiyatlanmaya devam ediyor.

Ana mesele

Sterlin zayıfladı; ABD Doları değer kazandı ve Fed’in faiz değişikliği ihtimali hafifçe azaldı.

Ne değişti?

NFP verisindeki zayıflık Fed karar olasılıklarını değiştirdi, ancak piyasalar değişen beklentileri fiyatlamaya devam ediyor.

Beni nasıl etkiler?

Kur hareketleri yatırım ve maliyet kararlarını etkiliyor; özellikle ithalat ve ihracatta maliyet belirsizliği arttı.

Ne oldu?

GBP zayıfladı; USD güç kazandı, ISM Services PMI öncesi hareketler izlendi.

Neden şimdi?

Piyasalar son işgücü verisinin Fed karar olasılıklarını değiştirmesine odaklandı.

Neden önemli?

Kısa vadede para politikası belirsizliği ve kur volatilitesi artabilir.

Kimler etkileniyor?

• Küresel yatırımcılar
• İngiltere ve ABD finansal piyasaları

Sektör ve piyasa etkisi

Döviz piyasaları hareketli; küresel risk iştahı ve emtia maliyetleri etkilenebilir.

Riskler

• Kur hareketlerinin volatilitesinin sürmesi
• Fed kararlarının beklenenin aksine yön değiştirmesi ihtimali

Takip edilmesi gerekenler

• NFP sonrası Fed karar olasılıkları
• BoE politika duruşu ve yıl sonu oran beklentileri
• GBP/USD hareket paçalarını takip etmek

Haberin tamamı

The British Pound weakened as the US Dollar gained momentum ahead of key ISM Services PMI data.Weak September Nonfarm Payrolls reduced expectations for an October Federal Reserve interest rate hike to 77.9%.Bank of England officials hinted at future rate hikes to counter persistent inflation driven by energy prices.GBP/USD inches lower after posting modest gains in the previous day, trading around 1.3240 during Asian hours on Monday. The currency pair is under downward pressure as the US Dollar (USD) gains strength ahead of the upcoming US ISM Services Purchasing Managers Index release.However, market participants have scaled back expectations for an upcoming Federal Reserve (Fed) interest rate hike, driven by recent softness in US employment data. Financial markets are now pricing in approximately a 77.9% probability that the Fed will leave benchmark rates unchanged at its October policy meeting, up from 74% prior to the jobs report.The shift in market sentiment follows a surprisingly weak labor market performance, with US Nonfarm Payrolls (NFP) increasing by just 29,000 in September. This figure significantly missed consensus forecasts of 90,000 and represents a sharp deceleration from August's downwardly revised gain of 133,000. Additionally, the US unemployment rate ticked up to 4.2%, even as the labor force participation rate expanded slightly to 61.8%.On the United Kingdom (UK) side, investors are currently discounting roughly 30 basis points of rate hikes by the Bank of England (BoE) through the end of the year, alongside approximately 90 basis points of cumulative tightening through 2027. BoE policymakers, including Governor Andrew Bailey, have indicated a growing willingness to raise interest rates to combat inflation risks exacerbated by elevated energy prices.Pound narrative underpinned as MUFG lifts UK growth outlookAnalysts at MUFG highlight that the UK growth backdrop has improved, noting that BoE staff have upgraded their expectations for the current quarter. In line with this, MUFG/BTMU report that they have "raised their forecast for growth in Q3 to 0.4% up from their previous projection of 0.1% set back in July," reinforcing the view that resilient domestic activity could help support the Pound even as it trades near year-to-date lows against the Dollar.Technical Analysis:In the daily chart, GBP/USD trades around 1.3240, maintaining a bearish near-term tone as spot holds beneath both the nine-period Exponential Moving Averages (EMAs). The pair’s location below these key averages suggests rallies are likely to be capped, while the 14-day Relative Strength Index (RSI) near 35 hints at lingering downside pressure rather than a clean oversold condition.On the topside, immediate resistance is clustered at the short-term nine-period EMA near 1.3259, with a more significant barrier at the 50-period EMA around 1.3399, which reinforces the broader bearish structure. With no clear technical support derived from the provided indicators, any further slide would leave traders watching for fresh horizontal floors from recent lows, while a daily close above 1.3259 would be the first sign that selling pressure is starting to ease.Logan’s hawkish tilt lifts Fed expectations and supports the DollarFed’s Logan speech scores 9.2/10 on the FXS Speechtracker, a clear hawkish surprise relative to the historical average of 8.1/10, with repeated emphasis that policy is not yet restrictive and must be “modestly tight.” The key remark that higher yields may reflect rising term premiums and thus reduce the need for additional tightening is overshadowed by explicit calls for at least 50 bps more in rate hikes and several moves to reverse last fall’s reductions, reinforcing a higher-for-longer rate narrative. Overall, the combination of stronger economic expansion, a well-balanced labor market, and a firm commitment to reviving price stability points to upside risks for the Dollar as markets price in more aggressive Fed action.(The technical analysis of this story was written with the help of an AI tool. Know more.)

The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data.

Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).

How do the decisions of the Bank of England impact on the Pound Sterling?

The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.

When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money.

When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.

How does economic data influence the value of the Pound?

Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP.

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Kaynaklar

• FXStreet