Pound US dollar exchange rate: GBP/USD steady, UK inflation beats Bank of ...

poundollarThe pound US dollar exchange rate is holding steady (Image: Steve Taylor/SOPA Images/LightRocket via Getty Images)

However, the year-on-year Retail Prices Index - another important inflation gauge - dropped from 2.9 percent to 2.8 percent. Overall, today’s data supported sentiment and diminished expectations that the BoE will make changes to interest rates in its scheduled September 19 meeting. James Smith, a Developed Markets Economist at ING, commented: “[W]e suspect the Bank of England will continue to focus on the strong wage growth backdrop. Unlike in other global economies, a UK rate cut seems unlikely in the near-term.”

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