The GBP/USD pair remains on the defensive around 1.2495 on Thursday during the early Asian session.
GBP/USD trades on a softer note near 1.2495 in Thursday’s early Asian session. Fed’s Collins emphasized the need to stay higher for longer, asit will take longer than previously thought to bring inflation down. The BoEiswidelyexpectedto keep its policy rate unchanged at 5.25% on Thursday. The GBP/USD pair remainson thedefensive around 1.2495 on Thursday during the early Asian session. Greenback edges higher for the third consecutive day, which weighs on themajorpair.
These hawkish comments from the Fed policymakers provide some support for the US Dollar and create a tailwind for the GBP/USD pair. The FOMC committee decided to keep interest rates unchanged last week. The hotter-than-expected US inflation data has kept officials from lowering borrowing costs. Financial markets see under two cuts this year, from as many as six seen at the beginning of 2024. On the other hand, the BoE is likely to keep thekeyrate of interestunchanged at 5.
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