The Pound Sterling (GBP) trades with caution against its major currency peers, and is down 0.2% to near 1.3380 against the US Dollar (USD) during the early European trading session on Wednesday. The British currency is slightly under pressure ahead of the release of the United Kingdom (UK) Consumer Price Index (CPI) data for February at 07:00 GMT.
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the US Dollar.
The Office for National Statistics (ONS) is expected to show that the core inflation – which strips off volatile items such as food, energy, alcohol, and tobacco – remained steady at 3.1% Year-on-Year (YoY). On a monthly basis, the headline CPI is estimated to have grown 0.4% after a 0.5% decline in January.
Usually, the inflation data has a significant impact on market expectations for the Bank of England’s (BoE) monetary policy outlook; however, this time, it is expected to remain limited as figures are immune to the recent surge in energy prices, which is driven by conflicts in the Middle East.
Meanwhile, broader market sentiment remains risk-on as the United States (US) has called for a month-long ceasefire with Iran, along with a 15-point settlement proposal. S&P 500 futures have risen almost 0.8% in the Asian session, reflecting a strong demand for riskier assets.
Despite improved market sentiment, the US Dollar trades higher as Iran keeps denying its involvement in negotiations with the US regarding the ceasefire. During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.15% higher to near 99.35.
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