The GBP/USD pair remains on the defensive near 1.2430 during the early Asian session on Friday.
GBP/USD loses traction around 1.2430 amid the firmer US dollar on Friday. TheFed’shawkish comments boost the Greenback against the GBP. BoE’sGreene said rate cuts were not imminent and that inflation remains too high. The downtick of themajorpair is backed by the stronger US Dollar as thestrongUS economic data and hawkish remarks from the Federal Reserve officials have triggered the speculation that the US central bank will delay interest rate cuts to September.
38 million, worse than the anticipated 4.2 million. On theGBP’sfront, the expectation that the Bank of England might cut its interest rate ahead of the US Fed has exerted some selling pressure on the Pound Sterling against the USD. However, BoE policymakerMegan Greene saidon Wednesdaythat rate cuts were not imminent,andthe combination of high inflation and weak growth means there is a wayto goto bring inflation back to target.
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