GBP/USD resumes slide ahead of stale US NFP data release

• GBP/USD fell two-thirds of one percent on Wednesday.

• The Pound Sterling hit a fresh weak patch after UK CPI inflation failed to galvanize markets.

• Backdated US NFP jobs figures loom ahead on Thursday.

GBP/USD caught a fresh round of bearish pressure on Wednesday, falling around two-thirds of one percent into the 1.3060 region. UK Consumer Price Index (CPI) inflation data released on Wednesday failed to spark an extended recovery in Pound Sterling (GBP) flows, instead sending Cable bids into multi-week lows and chalking in a fourth consecutive down session.

The US Bureau of Labor Statistics has pre-emptively canceled the release of October’s Nonfarm Payrolls (NFP) report, citing a lack of data collection through the federal government shutdown. Rate markets are already recoiling, pricing down the odds of a December cut. According to the CME’s FedWatch Tool, the odds of a Federal Reserve (Fed) interest rate cut on December 10 have fallen to around 30%.

September’s NFP jobs report will be published on Thursday. However, the report is already unlikely to drive much market attention now that an October lull will leave policymakers in a data lurch until the new year.

GBP/USD daily chart