GBP to USD Exchange Rate Attempts a Bounce to $1.35 Mark

GBP to USD Exchange Rate Attempts a Bounce to $1.35 Mark

On Wednesday, the GBP to USD exchange rate attempted a bounce to the $1.35 mark. 

The Pound Sterling rose 0.12% as it stemmed from its sharp loss of 1.18% yesterday.

Accordingly, the Bank of England’s consumer credit increased to $474.27 million from the previous figure of $43.26 million. 

The data turned positive for the GBP to USD exchange rate as it came in higher than the expectation of $405.59 million.

Moreover, the British retail consortium shop price index improved to 0.50% from the previous loss of 0.80%.

Meanwhile, the US dollar index, which trails the greenback to its six rival currencies, declined 0.06% to $93.71. 

Consequently, it reversed its 0.35% hike after the market jittered on the possibility of Federal Reserve’s asset tapering by November. 

Furthermore, the 10-year Treasury yields declined 0.03 points to the 1.51% level after it topped 1.56% yesterday. 

Additionally, the US house price index lowered to 1.40% month-on-month from the previous data of 1.70%, supporting the greenback. 

At the same time, some currencies also hiked as the GBP to USD exchange rate increased. 

For instance, the Australian dollar edged up 0.22% to $0.73 as the Malaysian ringgit soared 0.10% to $4.184.

Similarly, the Chinese yuan surged 0.13% to $6.466 after China’s central bank injected $15.50 into the financial system.

Meanwhile, the majority of the currencies against the greenback declined on the trading market. 

The Japanese yen plunged 0.05% to $111.43 as the Canadian dollar shed 0.06% to $1.27.

Then, the New Zealand dollar dropped 0.06% to $0.70 as the Singapore dollar fell 0.09% to $1.36.

Euro to Dollar Exchange Rate Down as the GBP Hikes

Similarly, the euro to dollar exchange rate plunged as the GBP to USD exchange rate rebounded. 

The single currency tumbled 0.14% to $1.17, following its consecutive loss this week. 

Accordingly, Spain’s harmonized index of consumer prices climbed to 4.00% year-over-year from the August figure of 3.30%. 

In addition, the HICP advanced from the market forecast of 3.70%, which is bullish for the local currency. 

Subsequently, the German import index increased to 16.50% year-over-year to the previous 15.00% data.

Meanwhile, other European currency pairs were mixed as the GBP to USD exchange rate improved. 

The EUR/GBP pair inched up 0.03% to $0.86 as the USD/CHF surged 0.02% to $0.93. 

Likewise, the USD/SEK pair rose 0.13% to $8.76 as the USD/NOK pair posted gains of 0.21% to $8.68.

On the other hand, the EUR/CHF diminished 0.14% to $1.08 as the EUR/AUD pair weakened 0.32% to $1.61.