{"id":47073,"date":"2023-08-11T03:37:01","date_gmt":"2023-08-11T07:37:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-steady-after-cpi-release-sterling-gains-on-gdp-growth\/"},"modified":"2023-08-11T03:37:02","modified_gmt":"2023-08-11T07:37:02","slug":"dollar-steady-after-cpi-release-sterling-gains-on-gdp-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47073","title":{"rendered":"Dollar steady after CPI release; sterling gains on GDP growth"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar steadied in early European trade Friday in the wake of the latest consumer inflation release, while sterling bounced after stronger-than-expected U.K. growth data.<\/p>\n

At 03:10 ET (07:10 GMT), the , which tracks the greenback against a basket of six other currencies, edged lower to 102.350 but remains on course for a fourth straight weekly gain. <\/p>\n

Dollar steady after U.S. CPI release<\/strong><\/h2>\n

The dollar is trading largely unchanged Friday as traders digested the latest inflation reading, with the U.S. growing as expected in July from the prior month. <\/p>\n

While the reading spurred bets that the will keep rates on hold in September, it also saw markets trim their expectations for a rate cut this year, with rates expected to remain at 22-year highs.<\/p>\n

There\u2019s more inflation data due later in the session, in the form of for July, adding more fodder for Fed policymakers ahead of next month\u2019s important Fed meeting.<\/p>\n

U.K. GDP grew more than expected in 2Q<\/strong><\/h2>\n

rose 0.3% to 1.2708 after data showed that the grew 0.2% in the second quarter, against expectations for a flat reading, helped by monthly growth of 0.5% in June.<\/p>\n

That said, the U.K. economy remains the only large advanced economy yet to regain its pre-COVID late-2019 level, and with inflation remaining highly elevated further interest rate hikes could stifle this growth going forward.<\/p>\n

Euro edges higher after French CPI<\/strong><\/h2>\n

rose 0.1% to 1.0992, with the euro edging higher after French inflation, harmonized to be comparable throughout the European Union, rose 5.1% on an annual basis in July, slightly above the 5.0% expected.<\/p>\n

The could pause its year-long rate-hiking campaign in September, after hints by President Christine Lagarde last month, but a further rise by year-end is still on the cards with inflation running hot.<\/p>\n

Yen close to key level<\/strong><\/h2>\n

Elsewhere, edged higher to 144.78, with the pair close to the highest level since late, when it also briefly breached the 145 level, stoking fears of another round of intervention. <\/p>\n

rose 0.1% to 0.6522, helped by Reserve Bank Governor Philip Lowe warning that sticky could invite more by the bank, while fell 0.1% to 7.2113, with the People\u2019s Bank of China seen selling dollars to support the Chinese currency.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar steadied in early European trade Friday in the wake of the latest consumer inflation release, while sterling bounced after stronger-than-expected U.K. growth data. At 03:10 ET (07:10 GMT), the , which tracks the greenback against a basket of six other currencies, edged lower to 102.350 but remains on course for […]<\/p>\n","protected":false},"author":1,"featured_media":18266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-47073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar steady after CPI release; sterling gains on GDP growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar steadied in early European trade Friday in the wake of the latest consumer inflation release, while sterling bounced after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=47073\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar steady after CPI release; 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