GBP Surges Against USD as Traders Bet on No Rate Hike in September

The British Pound (GBP) strengthened against the US Dollar (USD) on Friday, trading 0.35% higher to near 1.3533 in the European session. The GBP/USD pair reflected the US Dollar's decline, as traders priced out the possibility of an interest rate hike by the Federal Reserve (Fed) in September.

The US Dollar Index (DXY), which measures the Greenback's value against six major currencies, traded 0.23% lower to near 99.70 at press time.

Commerzbank analysts noted that July's US Consumer Price Index (CPI) data came in broadly in line with expectations, reinforcing the view that price pressures are not re-accelerating.