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Pound US dollar exchange rate: GBP/USD close to 27-month low

Yesterday’s US retail sales figures for June, which beat forecasts at 0.4 percent, also bolstered the US dollar and helped drove GBP/USD lower. No-deal Brexit fears rose yesterday as both Tory leadership candidates, Boris Johnson and Jeremy Hunt, hardened on their stance with the European Union by abandoning the Northern Irish backstop. The EU, however, appears to reject the possibility of renegotiating the condition.  As a result fears of a disorderly exit for the UK increased and eclipsed yesterday’s positive upticks in UK jobs and wage data. 

The pound held steady following today’s release of the year-on-year UK inflation figures for June.

These remained on target at 2 percent. 

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Mike Hardie, Head of Inflation at the Office for National Statistics, said: “The overall rate of inflation remains steady, with no change in pace this month.” 

“Petrol and diesel prices fell this year but rose a year ago, while clothes prices dropped by less than this time last year.”

Today also saw the release of the month-on-month Produce Price Index figures for June, however, which fell below the -0.8 percent consensus to -1.4 percent. 

US dollar traders, meanwhile, will be awaiting the publication US housing starts and building permits figures this afternoon. 

Any signs of improvement would be USD-positive as ease fears of an aggressive Fed rate cut this month would ease.

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