The dollar is down on Thursday morning after U.S. yields attracted some selling pressure amid the stubbornly high inflation. The inflation data report including the prices paid by producers (PPI) rate jumped to 11.4% in March, the highest in the last 11 years. consequently, the British pound and other majors gained traction on Wednesday and Thursday. The GBP/USD gained 0.90% on Wednesday to trade above its 100-hour moving average at the 1.30285 mark. Investors are expecting a 50-bps rate hike by the Federal Reserve to counter the high inflation. As a result of this, the British pound is expected to extend its gain and recover some lost ground.