GBP Jumps as US Dollar Faces Selling Pressure Ahead of FOMC Minutes

The British Pound (GBP) rose by 0.2% against the US Dollar (USD) to near 1.3557 during Wednesday's European trading session, as the US Dollar faced selling pressure due to weak United States economic data for August.

Investors are awaiting the Federal Open Market Committee (FOMC) minutes of the July policy meeting, which will be published at 18:00 GMT.

The minutes are expected to show a dovish tone, with analysts at ING noting that 'the suspicion is that the 12-member FOMC is less hawkish than the participants whose projections delivered forecasts of a 9:9 split for a hike in the June set of Dot Plots.'