Soft US CPI data supports sterling, weak dollar

The British pound is up 0.1% at around 1.3403 against the dollar during the European trading session on Wednesday. The GBPUSD pair gained as the dollar came under selling pressure, with market participants dialing down expectations for Federal Reserve interest rate hikes.

In the European trade, the DXY Dollar Index, which tracks the greenback’s value against six major currencies, has recovered its early losses and is marginally down to near 100.87. However, the DXY is still holding Tuesday’s...