GBP/USD: UK CPI

The British Pound appreciated against the US Dollar, following the UK CPI data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate gained 14 pips or 0.12% right after the release. The British Pound continued trading at the 1.2070 level against the US Dollar.

The Office for National Statistics released the UK CPI data, which came out better-than-expected of 2.1% compared with the forecast of 1.9%.

According to the official release: "Between June and July 2019, there were large upward contributions to the change in the CPIH 12-month rate from games, toys and hobbies, and accommodation services, where prices for both rose by more than a year ago, and from clothing and footwear, and other financial services. There were offsetting downward contributions to change coming from transport services and, to a lesser extent, from domestic fuels principally electricity and gas."