The GBP/USD pair rose near 1.3195 during the early European session on Tuesday (5/13). The pound sterling (GBP) moved higher against the greenback on positive developments surrounding the US-UK trade deal last week. The UK jobs report and US inflation will be in focus on Tuesday.
US President Donald Trump said last week that he would continue to impose new 10% tariffs on imports of most UK goods but would reduce higher tariffs on British autos, steel and aluminium imports. Positive developments surrounding the US-UK trade deal lifted the cable.
Further, the BOE's gradual and cautious approach to policy easing contributed to the GBP's rise. The Bank of England cut interest rates by a quarter percentage point in a divided decision last week and stated that the growth risks posed by Trump's global trade war did not derail its plan to ease policy only cautiously. The BoE expects the UK economy to grow at a faster pace of 1%, up from the 0.75% projected at its February meeting.
Traders are awaiting the release of the US Consumer Price Index (CPI) for April, due on Tuesday. The report may provide further clues on whether the Federal Reserve (Fed) will continue its monetary policy easing cycle at its next meeting. A better-than-expected reading could lift the greenback against the GBP in the near term. (Newsmaker23)
Source: FXstreet
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