The GBP/USD pair attracts some buyers around 1.2810 during the early Asian session on Tuesday.
GBP/USD gains ground near 1.2810 amid the weaker USD on Tuesday. The US ISM Manufacturing PMI declined to 48.7 in Mayfrom 49.2in April, worse than expected. Traders expect that the BoE could start cutting interest rates from August meeting. The uptick of the major pair near multi-week highs is bolstered by the softer US dollar after the weaker-than-expected US Manufacturing PMI data. Later on Tuesday, the US Factory Orders and JOLTs Job Openings will be released.
Nonetheless, the recent cooler US PCE inflation data and weaker US Manufacturing PMI have triggered the expectation that the US Federal Reserve will cut the interest rate this year. Traders are now pricing in nearly a 53% possibility of a Fed rate cut in September, up from 49% before the inflation report. On the other hand, the markets anticipate that the Bank of England could start cutting interest rates from the August meeting as UK annual headline inflation eased significantly in April.
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