Pound Retains Gains as US CPI Dampens September Fed Hike Bets
GBP/USD traded modestly higher on Wednesday after US inflation figures reduced market expectations for a September rate hike by the Federal Reserve.
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The pound retained its gains against the US dollar on Wednesday, edging higher after the release of US consumer price inflation data. The monthly report broadly aligned with forecasts, but the print was enough to slightly trim the odds of a Federal Reserve rate increase in September.
Market reaction remained contained as the numbers offered no major surprises. Still, the mild softening in rate expectations pushed the dollar lower, providing support for GBP/USD through the session.
Source: FXStreet Forex News