British Pound Hovers Near 1.3400 as Hot US CPI Weighs on USD
GBP/USD traded near 1.3400 on Wednesday after rising over 0.19% as US CPI matched estimates but hit a three-year high, weighing on the dollar.
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The Pound Sterling gained more than 0.19% on Wednesday as US inflation data came in line with expectations. However, the headline Consumer Price Index reached its highest level in three years, putting pressure on the US dollar.
GBP/USD rebounded from its daily lows and is now hovering around the 1.3400 figure. The pair's recovery suggests the market is interpreting the hot CPI as a factor that could delay Federal Reserve rate cuts, yet the dollar still weakened against the pound.
Source: FXStreet Forex News