GBP/USD tradeson astrongernotenear 1.2450 amid softer USD on Wednesday. US flash S&P Global Manufacturing and Services PMI came in weaker thanexpectationsin April. BoE’s Pill said inflation must be squeezed out of the UK economy and cautioned against cutting too soon. The downbeat US April PMI data and increasing appetite for the risk-linked space exert some selling pressure on the US Dollar . Later in the day, the US Durable Goods Orders and weekly Mortgage Applications will be released.
The US central bank will schedule the monetary policy meeting next week, andmarkets expect the Fed to leave its policy rate unchanged in the current 5.25%–5.50% range. Several Fed policymakers signaled at least one rate cut this year and indicated that monetary policy needs to be restrictive for longer.This, in turn, continues to lift the USD and cap the upside of GBP/USD.
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