The Pound Sterling (GBP) faces a sharp sell-off against its major peers in Wednesday’s London session.
The Pound Sterling weakens against the US Dollar after UK inflation came in slightly softer than anticipated. Easing UK price pressures gives more chances tosubsequent interest-rate cuts by the BoE. Investors await the US CPI data for July. The Pound Sterling faces a sharp sell-off against its major peers in Wednesday’s London session.
The US Dollar index , which tracks the Greenback’s value against six major currencies, edges higher to near 102.67 in Wednesday’s European session after correcting to a fresh weekly low at 102.55 on Tuesday. US annual headline and core inflation is expected to have decelerated by one-tenth to 2.9% and 3.2%, respectively, with monthly figures growing by 0.2%.The data inflation will significantly influence market expectations for Fed interest-rate cuts for the remainder of the year.
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