GBP Edges Higher Against USD Amid Cooling UK Inflation

The British Pound (GBP) has edged higher against the US Dollar (USD), reaching near 1.3387 during the European trading session on Thursday.

This move comes as the US Dollar Index (DXY) dipped 0.15% to 101.00, despite surging oil prices due to escalating Middle East energy supply risks.

The United Kingdom's (UK) headline Consumer Price Index (CPI) growth cooled down to 2.6% Year-on-Year (YoY) in June from the previous reading of 2.8%, easing fears of Bank of England (BoE) interest rate hikes.