GBP/USD traded around 1.3300 during the Asian session on Wednesday (5/14), steadying after posting more than 1% gains in the previous session. However, the pair's gains may be limited as the British Pound (GBP) faces headwinds from declining employment and slowing wage growth in the UK, factors that could strengthen expectations for further interest rate cuts by the Bank of England (BoE).
This week, market participants are bracing for increased volatility in the Pound Sterling, with the release of the UK's preliminary Q1 GDP and Industrial and Manufacturing Production data on Thursday. The UK economy is expected to grow by 0.6% in the first quarter.
The recent strength in the GBP/USD pair was also driven by a weaker US Dollar (USD), which came under pressure after weaker-than-expected US inflation data. Attention now shifts to upcoming US economic releases, including the Producer Price Index (PPI) and the University of Michigan's Consumer Sentiment Survey, both due later this week.
The US Consumer Price Index (CPI) rose 2.3% year-on-year in April, slightly below March's 2.4% increase and market forecasts. The core CPI, which excludes food and energy, rose 2.8% year-on-year, in line with the previous month and expectations. On a monthly basis, both headline and core CPI rose 0.2%.
In political developments, US President Donald Trump told Fox News that he is looking to expand US access to the Chinese market and described the US-China relationship as "very good." Trump also signaled a willingness to hold direct talks with President Xi Jinping in an effort to reach a broader trade agreement. (Newsmaker23)
Source: FXstreet
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