When will the UK Consumer Price Index report be released and how could it affect GBP/USD?

The UK will publish CPI and PPI data on Wednesday at 06:00 GMT. The Pound Sterling (GBP) is trading below the 1.2700 mark against the US Dollar (USD), with the latter maintaining a firmer tone ever since the United States (US) reported price pressures kept easing in May. The US Federal Reserve (Fed) kept rates unchanged regardless and announced it may deliver one or two rate cuts before year-end. For a change, the Fed did not deliver ahead of its major counterparts, as the Bank of Canada (BoC) and the European Central Bank (ECB) have already trimmed rates. That means the BoE may proceed with more confidence once inflation falls into policymakers’ comfort zone. With that in mind, the figures released on Wednesday could trigger some wild price action around GBP crosses. Generally speaking, higher-than-anticipated readings should signal a steady BoE and, hence, underpin the Pound. Should inflation-related figures come in below the market expectations, speculative interest will rush to price in a rate cut as soon as this week and put pressure on GBP. Bear in mind market players may opt to remain pat ahead of the BoE’s announcement 24 hours later.