- GBP/USD is trading slightly above 1.3500 today.
- The US dollar seems to be struggling compared to its competitors after the latest inflation figures.
- Both the CPI and Core CPI showed more modest increases than anticipated in May.
After experiencing a drop on Tuesday, GBP/USD is rebounding, surpassing 1.3500 during Wednesday’s US trading session. Currently, there’s been a 0.23% rise for the pair, moving to 1.3528.
Current GBP Values
The following table outlines today’s changes in the British pound (GBP) against other major currencies. Notably, the British pound has seen strength against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.42% | -0.21% | -0.14% | -0.06% | 0.00% | 0.10% | -0.34% | |
| EUR | 0.42% | 0.20% | 0.25% | 0.34% | 0.42% | 0.47% | 0.07% | |
| GBP | 0.21% | -0.20% | 0.06% | 0.18% | 0.24% | 0.28% | -0.14% | |
| JPY | 0.14% | -0.25% | -0.06% | 0.00% | 0.17% | 0.23% | -0.22% | |
| CAD | 0.06% | -0.34% | -0.18% | 0.00% | 0.10% | 0.12% | -0.31% | |
| AUD | -0.01% | -0.42% | -0.24% | -0.17% | -0.10% | 0.04% | -0.36% | |
| NZD | -0.10% | -0.47% | -0.28% | -0.23% | -0.12% | -0.04% | -0.41% | |
| CHF | 0.34% | -0.07% | 0.14% | 0.22% | 0.31% | 0.36% | 0.41% |
This chart displays the percentage change for each currency pair listed, helping traders visualize market movements.
On Tuesday, GBP/USD faced downward pressure due to disappointing employment figures that rekindled hopes of a potential double interest rate hike by the Bank of England this year. However, a softening in the US dollar midweek provided relief for the pair.
Data from the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) increased by 0.1% in May, which was less than the projected 0.2% increase, following another 0.2% rise in April. Likewise, the core CPI—excluding unpredictable food and energy prices—saw a 0.1% rise, falling short of the expected 0.3% increase.
Following the inflation data release in May, the USD index declined, reported to be down 0.3% on that day at 98.75. The odds that the Federal Reserve will maintain rates in September have also dropped from nearly 40% on Tuesday to 30% after the CPI announcement, as per the CME FedWatch tool.
As the US session progresses, market participants are closely monitoring the upcoming results of the 10-year US Treasury Notes auction.
