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GBP Rises Against USD Amid Middle East Tensions

Guavy AI Editorial Team
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USD GBP
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The British Pound (GBP) has strengthened against the US Dollar (USD), rising by 0.15% to 1.3560, despite surging crude oil prices.

The conflict in the Middle East has prolonged, with Iran's attack on US warships triggering a reaction from Washington, which attacked Iran's tankers.

The positive correlation between West Texas Intermediate (WTI) crude oil and the USD has broken, as the Dollar weakens. The WTI price has risen over 2%, breaking above $96.00.

Traders are bracing for US inflation data releases on Thursday's PPI and Friday's CPI. If both reports exceed forecasts, it will cement the case for a rate hike by the Federal Reserve, with money markets indicating investors expect a quarter-point rate hike at the September 15-16 meeting.

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