The Pound Sterling trades back and forth near a three-month low of around 1.2750 against the US Dollar as investors brace for US inflation data for October.
Market expectations for the Fed to cut interest rates in December have slightly diminished.
Investors await BoE Mann’s speech and a slew of Fed speakers for fresh interest rate guidance.
The Pound Sterling (GBP) consolidates in a tight range near a fresh three-month low around 1.2750 against the US Dollar (USD) in Wednesday’s London session. The GBP/USD pair trades quietly as investors await the United States (US) Consumer Price Index (CPI) data for October, which will be published at 13:30 GMT. The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, clings to gains at around 106.00, the highest level seen in more than six months.
Economists expect the headline inflation to accelerate to 2.6% from 2.4% in September, with the core CPI – which excludes volatile food and energy prices – rising steadily by 3.3% year-on-year. The monthly headline and core CPI are estimated to have risen steadily by 0.2% and 0.3%, respectively.
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