Pound Falls as US Rate Hike Odds Surge

The British Pound is trading softer against the US Dollar, with GBP/USD drifting toward 1.3490 during early Asian hours on Tuesday.

This move reflects renewed support for the Greenback as traders increase bets that the US Federal Reserve will raise interest rates by 25 basis points at its policy meeting on Wednesday.

The focus for Sterling in the near term centers on a busy domestic backdrop, including the UK labor market report due on Tuesday and the Bank of England's interest rate decision on Thursday.