The GBP/USD pair trades on a softer note around 1.2500 on Wednesday during the early Asian session.
GBP/USD weakens to 1.2500 amid a firmer USD on Wednesday. Fed’s Kashkari said it’s too early to declare that inflation has stalled out, and they might cut rates this year if inflation eases. The BoE is expected to leave the interest rate unchanged at 5.25% at its May meeting on Thursday. The USD Index recovers modestly to 105.40, which drags the major pair lower. The Federal Reserve’s Philip Jefferson, Susan Collins, and Lisa Cook are scheduled to speak later on Wednesday.
The chance of a June cut remains steady at around 10%, while September odds have fallen to 85%, according to the CME FedWatch tool. On Friday, traders will monitor the preliminary University of Michigan Consumer Sentiment Index, which is estimated to drop from 77.2 in April to 76.0 in May. On the other hand, the Pound Sterling edges lower as investors focus on the upcoming monetary policy meeting. The UK central bank is anticipated to hold interest rates steady at 5.25%.
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