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Pound to Dollar Rate Paints Fresh Highs in Wake of U.S. Inflation Release
The Dollar fell to fresh multi-month lows against Pound Sterling after new data showed inflation in the world's largest economy continued to cool, raising expectations the Federal Reserve has ended its interest rate hiking cycle. The Pound to Dollar exchange rate (GBPUSD) hit 1.2680 - its highest since April 2022 - after headline CPI inflation rose 4.9% year-on-year, down from 5.0% in March and undershooting expectations for 5.0%. The monthly increase stood at 0.4%, in line with expectations but up on March's 0.1% gain. The all-important core CPI inflation figure read at 0.4% month-on-month in April, in line with ... (full story)