The GBP/USD pair extends its upside near 1.2688 on Thursday during the early Asian session.
GBP/USD gains momentum around 1.2688 amid the weaker USD on Thursday. The US CPI inflation eased to 3.4% YoY in April from 3.5% in March, as estimated. Steady UK wage growth raised fears of persistent inflationary pressures. The uptick of themajorpair is supported by the weaker Greenback after the release of softer US CPI inflation data.
The softer inflation data raised the odds for aFederal Reserve rate cut in 2024, whichdragthe US Dollar lower and create a tailwind for the GBP/USD pair. Furthermore, the final reading of Retail Sales showed no change in April from the previous reading of a 3% increase, worse than the market expectation of 0.4%. On the GBP’s front, the UK employment data showed job market conditions deteriorated for the third consecutive month as the Unemployment Rate rose.
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