GBP/USD trades with modest gains above 1.2500 mark ahead of UK jobs data, US CPI – by hareshmenghani GBPUSD Fed Inflation Employment Currencies
The uncertainty over the Fed’s rate hike path and a positive risk tone undermines the Greenback.GBP/USD
pair attracts some buying during the Asian session on Tuesday and reverses a part of the previous day's sharp retracement slide from the 1.2600 mark, or a one-month peak. Spot prices currently trade just above the 1.2500 psychological mark as market participants now look forward to the UK monthly employment details and the latest US consumer inflation figures for a fresh impetus.
In the meantime, expectations that the Federal Reserve will more likely skip a rate hike this month continue to weigh on the US Dollar and lends some support to the GBP/USD pair. It is worth recalling that a slew of FOMC members recently reaffirmed market expectations for an imminent pause in the US central bank's year-long policy tightening cycle. In contrast, the Bank of England is expected to be far more aggressive in policy tightening to contain stubbornly high inflation.
Investors on Tuesday will further take cues from the UK jobs data, which is expected to show that the number of people claiming unemployment-related benefits fell by 9.6K in May. Furthermore, the ILO Unemployment Rate is seen ticking higher to 4% during the three months to April, while Average Hourly Earnings likely accelerated during the reported period, pointing to growing signs of persistence in underlying price pressures.
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