GBP/USD appears to reverse its decline initiated on Thursday, hovering around 1.2730 during the Asian session on Monday.
GBP/USD puts efforts to retrace its recent losses despite market caution. The US Dollar retreats on the decline in US Treasury yields. A slew of UK data is set to be released on Tuesday including CPI, PPI, and Retail Price Index. However, the pair faced setbacks amidst market caution preceding the US Federal Reserve's interest rate decision on Wednesday. The US Dollar Index experienced a surge in momentum, buoyed by the rise in US Treasury yields on Friday.
On the other side, Consumer Inflation Expectations, as released by the Bank of England on Friday, rose by 3.0%, showing a decrease from the previous uptick of 3.3%. This data prompted markets to increase their wagers on a Bank of England rate cut in June, potentially weakening the Pound Sterling and consequently pressuring the GBP/USD pair downward. On Monday, the Rightmove House Price Index for March surged by 1.5%, surpassing the previous rise of 0.9%.
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