GBP/USD trades strongly near 1.2797 amid the softer USD. The Fed held interest rates steady as expected on Wednesday and hinted at multiple rate cuts before the end of the year. The BoE is widely expected to keep rates on hold at 5.25% on Thursday. Traders await the BoE interest rate decision ahead of US S&P Global PMI data on Thursday. The rebound of the pair is supported by the weaker US Dollar following Federal Reserve Chair Powell's dovish press conference.
6% by the end of the year, compared to 2.4% in the projections reported in December. On the UK’s front, The BoE is anticipated to maintain its interest rates unchanged at 5.25% on Thursday. The CPI inflation data in February might keep the Bank of England on course to begin cutting interest rates in the coming months. Data released on Wednesday showed that the Consumer Price Index climbed by 3.4% YoY in February from a 4.0% rise in January, below the market consensus of 3.6%.
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