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Pound US dollar exchange rate: GBP/USD fluctuates, markets brace for Fed speech

However, gains were latter tempered by a slightly better-than-forecast US PPI report. 

Overnight Chinese growth figures hit their worst levels in 27 years, but the US dollar failed to benefit from its safe-haven status as Chinese retail sales, industrial production and fixed asset investments beat forecasts.

The pound, meanwhile, has remained subdued against many of its competitors following the publication of the UK Rightmove house price index figures for July.

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On a month-on-month basis house price growth fell -0.2 percent – the first decline of 2019.

Miles Shipside, a director at Rightmove, said: “The housing market fundamentals remain largely sound in many parts of the country, but the current political climate means that the crucial ingredient of confidence has been impaired, and that is causing some potential buyers and sellers to hesitate.”

Further GBP/USD exchange rate movement could occur this afternoon following Fed President John William’s speech. 

He previously said: “[R]elative to earlier in the year, the conditions, [and] the arguments for adding policy accommodation have strengthened over time.”

Further indications that the US is heading down a rate-cutting path could weigh on USD, although a July rate cut has already been largely priced in. 

The US dollar could also find some support later today if the NY Empire State Manufacturing index figures for June show the rebound expected. 

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