Pound Gains as US Inflation Drops

U.S. inflation data released today showed a 0.1% decrease in July on a monthly basis, in line with expectations, which eased concerns about an upcoming interest rate hike by the Federal Reserve in September. This impacted the currency markets, with the British pound rising by 0.21% against the dollar to reach 1.3534, and the euro increasing by 0.12% to 1.1557, amid ongoing investor anticipation of future monetary policy decisions. The annual inflation rate also slowed to 3.4%, while the core Consumer Price Index remained steady at 2.5%, reinforcing the likelihood that interest rates will remain unchanged at the upcoming Federal Reserve meeting. This supports market expectations of no rate hike in September, with additional attention from the market focused on upcoming job data and the Jackson Hole event.

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