The GBP/USD pair posts modest gains near 1.2670 during the early Asian session on Friday.
GBP/USD trades with a mild positive bias around 1.2670 on Friday. Fed officials said it might take longer for inflation to reach their target, emphasizing the need to keep rates high for longer. BoE’s Greene noted she wants more data on price pressures easing before it starts cutting its rate. Meanwhile, the USD Index recovers some lost ground after retracing to multi-week lows near 104.00 in the previous session.
The number of Americans filing new claims for jobless benefits rose by 222K for the week ending May 11, the US Department of Labor reported Thursday. The figure came in above the market consensus of 220K and below the previous reading of 232K gains. On the GBP’s front, the Bank of England noted last week that the UK central bank needs to see more evidence that inflation will stay low, but he thought the inflation is moving in the right direction anda June cut cannot be ruled out.
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