The GBP/USD pair remains on the defensive, slipping toward 1.3050 during the American session.
GBP/USD remains under pressure near 1.3050 as cautious market sentiment overshadows the brief recovery sparked by UK employment data. US CPI data will be Wednesday’s highlight. Markets will also follow Tuesday’s US presidential debate. Despite a temporary boost from positive UK employment data earlier in the day, the pair struggles to hold its ground amid a cautious market atmosphere.
Headline inflation is anticipated to ease to 2.6% YoY, down from 2.9% in July, while core inflation is expected to hold steady at 3.2% YoY. On Thursday, Producer Price Index data is expected to show a decrease in headline inflation to 1.7% YoY, compared to 2.2% in July. Meanwhile, expectations for Federal Reserve easing have stabilized, with the likelihood of a 50 basis point rate cut this month dropping to 20-25%.
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