GBP/USD PARES BACK AHEAD OF FED’S MIDWEEK RATE CALL
- GBP/USD eased back on Tuesday as markets brace for Fed appearance.
- UK CPI inflation data due early Wednesday, but unlikely to spark meaningful momentum.
- Markets are in a toss-up on Fed rate cut forecast.
GBP/USD pared back on Thursday, declining back toward 1.3150 as investors buckle down for the wait to Wednesday’s broadly-antiicpated rate cut from the Federal Reserve (Fed), where the US central bank is expected to kick off a rate cutting cycle.
UK CPI inflation figures are due early Wednesday, but the non-preliminary inflation print is unlikely to generate significant momentum with the figures all but fully priced in. Final UK CPI inflation figures for August are expected to print at 0.3% MoM compared to the previous -0.2% contraction, while the annualized CPI print is forecast to come in at 3.5% YoY, up from the previous 3.3%.
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