Ella 
The British pound (GBP) fell to 1.2880 against the U.S. dollar (USD) during Thursday’s London session. GBP/USD fell as market sentiment was subdued ahead of the release of the U.S. second quarter gross domestic product (GDP) data at 12:30 GMT.
S&P 500 futures rose slightly during the European trading session, but this appeared to be a small correction after a 2.31% drop on Wednesday. The U.S. dollar index (DXY), which tracks the value of the U.S. dollar against six major currencies, was sluggish around 104.30.
U.S. gross domestic product (GDP) is estimated to have grown at an annualized rate of 2% in the second quarter, compared with 1.4% in the previous period. Strong consumer spending is expected to lead to higher growth rates. According to the consensus, the advance GDP price index is expected to slow to 2.6% from 3.1% in the previous period, which will provide relief to Federal Reserve (Fed) policymakers and consolidate expectations of a rate cut in September.
Looking ahead, the main trigger for the dollar will be the June personal consumption expenditure price index (PCE) data released on Friday. Core PCE inflation, the Fed’s preferred inflation measure, is expected to slow to 2.5% from 2.6% in May, a steady 0.1% gain in the monthly figure.
