Pound Sterling versus USD ranges as investors await the US core PCE inflation data.
If the US inflation data turns stubborn, GBP/USD will suffer.
In the UK, BoE policymakers need more evidence of inflation easing to 2% before initiating rate cuts.
The Pound Sterling (GBP) trades with nominal gains against the US Dollar in Thursday’s European session. Market participants await the United States core Personal Consumption Expenditure Price Index (PCE) for January, which will be published at 13:30 GMT. Federal Reserve (Fed) policymakers closely track the underlying inflation data to prepare a fresh outlook on interest rates.
The GBP/USD pair oscillates inside Wednesday’s trading range as uncertainty over the timing of Bank of England (BoE) rate cuts keeps the Pound Sterling on the sidelines. BoE policymakers are reluctant to reduce interest rates early as it could stall progress in inflation declining towards the 2% target, or price pressures could flare up again.
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