GBP Steady as Investors Await US CPI, UK GDP Data

The British Pound has remained relatively steady against the US Dollar on Tuesday as investors await key economic releases in both countries. The GBP/USD pair trades at 1.3508, nearly unchanged from earlier levels. This stability comes after the release of softer-than-expected US jobs data, which may have influenced market expectations regarding a potential Federal Reserve rate hike in September. According to Prime Terminal data, the odds of a 25-basis-point increase now stand at 52%. In addition to inflation and growth data releases on Thursday, traders are keeping an eye on the Pakistani-Iranian-US diplomatic developments affecting global energy prices, which have seen a recent retreat following news that the US and Iran may be close to a deal despite President Trump's rhetoric. The UK's preliminary GDP reading for the second quarter is expected to show 1.1% growth year-over-year, although some slowdown from previous quarters is anticipated. Analysts cited by Reuters attribute the Pound's stability to the election of Andy Burnham as the UK's new Prime Minister, which has not had a significant impact on market expectations ahead of the country's budget scheduled for late October.