GBP/USD remains subdued below 1.3150 ahead of UK flash Q3 GDP data
The post GBP/USD remains subdued below 1. 3150 ahead of UK flash Q3 GDP data appeared com. GBP/USD remains subdued for the third successive session, trading around 1. 3120 during the Asian hours on Thursday. Traders await the United Kingdom (UK) flash Gross Domestic Product (GDP) data for the third quarter due later in the day. The Pound Sterling (GBP) faced challenges against its peers amid growing expectations that the Bank of England (BoE) will cut interest rates in December. BoE policymaker Megan Greene stated on Tuesday that wage settlement data for next year is higher than desired and expressed concern about persistent inflation in the UK, suggesting that monetary policy may need to be more restrictive. The GBP/USD pair also struggles as the US Dollar (USD) advances amid optimism that the prolonged US government shutdown could be resolved this week. The House of Representatives voted 222 to 209 to approve a funding package and end the longest government shutdown in US history on Wednesday. The Bill is now clear to be signed by US President Donald Trump. Earlier this week, Trump already backed the bipartisan deal to end the impasse. The bill’s approval will release a tranche of economic data pending release, except for October’s inflation and jobs data. White House Press Secretary Karoline Leavitt said on Wednesday that the October jobs and inflation data reports are unlikely to be released. The US Dollar also gained support from hawkish Fedspeak, which decreased the odds of a Federal Reserve (Fed) rate cut in December. The CME FedWatch Tool shows markets pricing in nearly a 60% chance of a 25-basis-point Fed rate cut in December, down from 67% a day ago. Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic addressed economic trends at the Atlanta Economic Club on Wednesday. Bostic cautioned that easing policy too soon could “feed the inflation beast,” while noting that a sharp downturn in.