Home›Forex›Major Pairs›GBP/USD climbs as traders pare Fed hike odds

GBP/USD climbs as traders pare Fed hike odds

The dollar index was 0.26% lower near 99.38, while UK CPI for July came in at 2.9% year over year.

Reported · Written up by our desk · Major Pairs

The British pound rose about 0.2% to around 1.3557 versus the US dollar during European trading on Wednesday, as selling pressure hit the US currency.

FXStreet attributed the move to traders scaling back Federal Reserve interest rate hike bets after weak US economic data for August.

Looking ahead, investors were set to watch the Federal Open Market Committee minutes from the July meeting at 18:00 GMT, with the US Dollar Index down 0.26% near 99.38 and close to a two-month low.

On the UK side, headline consumer price inflation for July was reported at 2.9% year over year, in line with expectations, while core CPI stayed steady at 2.6% year over year as the GBP/USD pair held above key support levels around the 20-day EMA.

Latest closeGBP/USD 1.354 ▲0.3%|Dollar index 99.64 ▼0.3%

More like this

Sources