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GBP edges up versus USD after hotter UK inflation data

GBP/USD traded just above 1.3550 and remained below 1.3570 resistance after July CPI rose 2.9% year over year.

Reported · Written up by our desk · Major Pairs

FXStreet reports the British pound rose against the US dollar after UK inflation data. The GBP/USD pair returned to the mid range of the 1.3500s, trading a few pips above 1.3550, but it stayed trapped below the 1.3570 resistance area.

According to National Statistics, the UK CPI accelerated in July in line with market expectations. CPI rose 0.3% month over month and 2.9% year over year, while core CPI was unchanged at 2.6% year over year.

FXStreet also pointed to additional inflation details, including input producer prices cooling beyond expectations, output producer prices staying steadier, and retail prices growing at the fastest pace since March. The report added that UK employment data on Monday was mixed, with unemployment stable, employment growth slower, jobless claimants declining unexpectedly, and wage growth accelerating after three months of stall.

On the US side, the focus was on the minutes of the July Federal Open Market Committee meeting, which left rates on hold amid a divided committee and prompted uncertainty about the Federal Reserve’s near term outlook.

Latest closeGBP/USD 1.354 ▲0.3%

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