Pound Holds Firm as Dollar Recovers from Intervention Rout

The British Pound has held firm against the US Dollar as the Greenback staged a recovery following Thursday's intervention day.

The GBP/USD pair traded at around 1.3458, virtually unchanged from its previous level, despite the US Dollar Index reaching a 30-day low.

Economic data showed that Consumer Sentiment improved in the US, according to the University of Michigan (UoM), with the index rising from 54.4 to 55.2, while inflation expectations remained unchanged at 4.2% for one year and 3.3% for five years.

The Federal Reserve's preferred inflation gauge, the Core PCE, fell 0.1% in June, trimming the chances of a September rate hike as markets expect just 23 basis points of tightening towards the end of the year.