The GBP/USD pair weakens to 1.2695 during the early Asian session on Thursday.
GBP/USD trades softer around 1.2695 on the firmer USD on Thursday. Investors await the US Q1 GDP on Thursday, which is expected to expand by 1.3%. A softer UK inflation outlook triggered the rate cut expectation from the BoE. The downtick of the pair is supported by the stronger US Dollar amid the higher US yields and lower bets of the Federal Reserve rate cut in September.
Apart from this, the US weekly Initial Jobless Claims, Goods Trade Balance, andPending Home Sales are due later in the day. Also, the Fed’s RaphaelBostic, John Williams, and Lorie Loganare scheduled to speak. On the GBP’s front, the growing speculation that theBank of England will start cutting interest rates in its August meeting due to a softer UK inflation outlook weighs on the Cable. The International Monetary Fund expected two to three rate cuts from the BoE.
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