Forexlive Americas FX news wrap: Pound bounces back after rate cut ...Middle East

US initial jobless claims 219K versus 213K estimateUS Q4 unit labor costs prelim +3.0% vs +3.4% expectedTreasury's Bessent: We do want the dollar to be strongFed's Goolsbee: First effects of tariffs may be less imporant than impacts on expectationsFed's Waller says stablecoins would make dollar even more of a reserve currencyTrump laid out six tax priorities in a meeting with CongressECB's Vujcic: Best thing to do is wait-and-see given high level of uncertaintyCanada Ivey January PMI 47.1 vs 54.7 priorTrump: We will drive the price of oil down, everything else will followBOE governor Bailey: We expect to be able to cut the bank rate furtherBOE governor Bailey: Each member votes as what they think is bestBOE governor Bailey: We are currently not in a position to judge US policiesBOE governor Bailey: I don't use the word "stagflation"BOE governor Bailey: There was a bit of a debate about the world "careful"

WTI crude oil down 53-cents to $70.50US 10-year yields up 1.6 bps to 4.44%Gold down $8 to $2856S&P 500 up 0.4%JPY leads, GBP lags

The pound was in focus today as the BOE cut rates (as expected) and lowered growth forecasts. That led the market to price in more rate cuts, including one in May rather than June. In turn, the pound initially fell to 1.2360 from 1.2430 in a swift move. But it stabilized there and then slowly climbed all the way back and more.

The overall mood was a continuation of the late-Monday move as the market firms up its belief that Trump won't prioritize tariffs. At the same time, Trump reportedly laid out some aggressive tax cut priorities with little indications on how they might be paid for. The House is working quickly on a reconciliation bill that could offer some hints soon, including how tariffs could be used to pay for the tax cut.

All this is wrapped around Friday's non-farm payrolls report. See: January non-farm payrolls preview by the numbers: Positive signs abound

This article was written by Adam Button at www.forexlive.com.

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