Pound Sterling retains gains as US CPI trims September Fed hike odds
GBP/USD trades modestly higher on Wednesday as the US Dollar comes under mild pressure following the release of the latest US inflation figures. However, the market reaction remains limited as the data broadly matched expectations.
GBP/USD trades higher as US CPI trims September Fed hike odds. The US Dollar experiences mild pressure following the release of latest inflation figures, which broadly match expectations. At the time of writing, GBP/USD trades around 1.3523, near its highest level since July 16. The headline CPI rose 0.1% in July after falling 0.4% in June, with the annual rate easing to 3.4% from 3.5%.
Core CPI increased 0.2% MoM following a flat reading in June, while the yearly rate slowed to 2.5% from 2.6%. The US Dollar Index (DXY) trades around 99.67, down 0.15% on the day, while US Treasury yields edge lower across the curve.
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