Analyzer anticipated that the UK economy will expand by 0.6% in the second quarter, which is less than the 0.7% growth seen in the previous quarter. On a year-over-year basis, the UK's GDP is expected to grow by 0.9%, driven by a rapid decrease in the unemployment rate. This may lead the Bank of England to decide on further interest rate cuts.

Additionally, investors are closely watching key U.S. macroeconomic data scheduled for Thursday, including retail sales, initial jobless claims, and the manufacturing index, which could directly impact the U.S. dollar's movement.

The slight slowdown in the CPI increase, which fell below 3% for the first time in nearly three years, indicates progress toward the Fed's inflation target. This has led investors to expect the Fed to cut interest rates in September.

Source: Fxstreet