GBP/USD pares US inflation-led gains near 1.2200, UK ministers’ meeting with energy firms, GDP eyed

US dollar retreats as Fedspeak fails to praise inflation miss, China-linked news favor safe-haven demand.

The US dollar’s weakness post-inflation release pleased the Cable pair buyers on Wednesday. However, the quote’s latest weakness could be linked to the mixed comments from thepolicymakers and the cautious mood ahead of the critical meeting between the UK ministers and energy companies. Also teasing the bears are the China-linked news surrounding the Sino-American trade war, covid and Taiwan.

Elsewhere, Mary Daly, President of the San Francisco Fed recently hesitated to declare victory over inflation, even after the US Consumer Price Index declined to 8.5% on YoY in July versus 8.7% expected and 9.1% prior. In doing so, the policymakers joined the likes of Minneapolis Fed President Neel Kashkari and Chicago Fed President Charles Evans. Previously, Fed’s Kashkari mentioned that he hasn't "seen anything that changes" the need to raise the Fed's policy rate to 3.

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