GBP Edges Up Following UK Inflation Data

The British Pound (GBP) has ticked up against the US Dollar (USD) following the release of UK inflation data on Wednesday. The GBP/USD pair is trading around 1.3550, a few pips above its mid-range position in the 1.3500s.

According to National Statistics, UK's Consumer Price Index (CPI) grew at a 2.9% year-over-year rate in July, matching market expectations. The Core CPI remained steady at 2.6% year-over-year, unchanged from the previous month and contrary to market consensus for a downtick.

While employment figures disappointed on Tuesday, with the ILO Unemployment Rate remaining steady and employment growth slowing down, wage growth accelerated after three months of stagnation.