GBP/USD rises to near 1.3050 as US Dollar remains tepid ahead of PPI data

• GBP/USD rises as the US Dollar weakens amid persistent concerns over global and domestic economic outlooks.
• The US Consumer Price Index rose by 2.4% YoY in March, down from 2.8% in February.
• The US imposed a sharp increase in tariffs on Chinese imports, lifting the total rate to 145%.

GBP/USD is on track for its fourth consecutive daily gain, trading near 1.3030 during Friday's Asian session. The pair continues to strengthen as the US Dollar loses ground amid lingering concerns over both the global and US economies.

The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, has slipped to around 100.20 at the time of writing. The DXY's decline follows a surprise drop in US consumer prices for March, shifting investor focus to upcoming key data releases -- the March Producer Price Index (PPI) and preliminary Michigan Consumer Sentiment, both due later today.

March's US Consumer Price Index (CPI) showed headline inflation easing to 2.4% year-over-year, down from 2.8% in February and below expectations of 2.6%. Core CPI, which excludes volatile food and energy prices, rose 2.8%, down from 3.1% and missing the 3.0% forecast. On a monthly basis, headline CPI fell 0.1%, while core CPI edged up 0.1%.

US President Donald Trump announced a 90-day pause on new tariff hikes for most US trade partners. While tariffs on China were still raised, the broader easing of trade tensions helped calm global economic fears, improving market sentiment and supporting the risk-sensitive British Pound.

With risk appetite improving, traders have scaled back their expectations for aggressive rate cuts by the Bank of England BoE). Markets now anticipate three quarter-point cuts by year-end, in line with earlier BoE guidance for a gradual, quarterly easing cycle. A May rate cut remains highly likely, with additional moves expected in August and November.