GBP/USD continues to gain ground for the third successive session, trading around 1.2690 during the Asian hours on Wednesday.
GBP/USD appreciates due to reduced expectations of another rate cut by the Bank of England this year. The UK’s CPI inflation is projected to increase 2.2% YoY and 0.5% MoM in October. The US Dollar may appreciate as traders expect pro-inflationary policies from the incoming Trump administration.
Kansas City Fed President Jeffrey Schmid stated on Tuesday that he anticipates both inflation and employment will move closer to the Fed's targets. Schmid explained that rate cuts reflect the central bank's confidence in inflation heading toward its 2% goal. He also noted that while large fiscal deficits might not directly cause inflation, the Fed may need to respond to any emerging inflationary pressures by raising interest rates.
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