The GBP/USD pair trades with mild losses near 1.2730 during the early Asian session on Tuesday.
GBP/USD trades with a mild bearish bias around 1.2730 amid the softer US dollar on Tuesday. Investors will closely monitor the UK employment for fresh impetus, which is expected to remain contracted in May. The stronger US employment data last week has triggered the odds that Fed will delay its rate cuts this year. Traders might prefer to wait on the sidelines ahead of the release of the UK employment report, which is due later in the day.
Futures traders are now pricing in nearly 47% odds of a rate cut for the September meeting, down from 68% before the NFP data, according to the CME FedWatch tool. The US Consumer Price Index inflation data on Wednesday will be crucial as the Fed officials have emphasized in recent weeks that they will wait for more evidence of inflation data before cutting the interest rate. The US headline CPI figure is expected to show an increase of 3.4% YoY in May, while the core CPI is estimated to rise 3.
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