GBP/USD extends gains as softer US inflation raises expectations for Fed rate cuts in 2024. The US Dollar faces a challenge as US Treasury yields inch lower. The Pound Sterling may face a challenge as the BoE is expected to deliver 60 basis points rate cuts in 2024. A weaker US Dollar supports the GBP/USD pair. April data indicated that US consumer inflation had slowed to 0.3%, raising expectations for potential Federal Reserve rate reductions in 2024.
Moreover, Richmond Fed President Thomas Barkin noted that inflation is easing but highlighted that it will take more time to reach the Fed’s 2% target. In the United Kingdom , investors expect a potential 60 basis points interest rate cut by the Bank of England in 2024, with the initial cut expected in August. The UK Consumer Price Index data for April, set to be published on Wednesday, is forecasted to show an annual rise of 2.7%, according to FactSet estimates.
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