GBP/USD sank for a fifth straight session on Wednesday, falling as the US Dollar (USD) catches a broad-market bid after the Federal Reserve (Fed) held rates steady and stuck to its stubborn wait-and-see stance, trimming hopes for a September rate cut. With odds of a rate cut on September 17 flying out the window, newfound market pressure will be on a hefty raft of economic data coming out of the United States (US) throughout the back half of the trading week.
US PCE inflation, due on Thursday, is expected to accelerate slightly, with analysts anticipating an uptick to 0.3% MoM in June compared to the previous month's 0.2%. A resurgence of inflationary pressure is the last thing investors want, as it could spell doom for ongoing rate cut expectations.
Friday's NFP jobs report could add further fuel to rate hold fears. July's NFP net employment gains report is expected to hold in positive territory after seasonal adjustments. However, the figure is expected to ease to 110K from June's 147K.
Source: Fxstreet
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