EUR/USD is trading below 1.1000, losing its upside traction in the European session on Wednesday. The pair is holding steady, as the US Dollar finds its feet despite a sell-off in the US Treasury bond yields. Traders stay cautious ahead of the German inflation and US GDP data.
GBP/USD is falling back below 1.2700, extending its retreat from multi-month highs in European trading on Monday. The pair fails to find any inspiration from BoE Governor Bailey's hawkish comments, as the US Dollar looks to stabilize ahead of top-tier economic data and Fedspeak.
The Federal Statistical Office of Germany (Destatis) will release inflation data on Wednesday at 13:00 GMT. The annual German Consumer Price Index (CPI) is expected to rise 3.5% in November, down from the 3.8% increase reported in October.