Sterling climbs nearly 1% despite GDP contraction data
Sterling rose against most major currencies on Wednesday despite some negative UK data. Earlier UK data showed GDP contracted 0.3% m/m in September while analysts expected no change in the growth rate.
The Greenback
The dollar index rose 0.2% to 113.4 as of 17:05 GMT, with a session-high at 113.5, and a low at 113.05. Tomorrow, market await consumer prices data for September. Such data will give a clue about the future directions for the Federal Reserve on monetary policies and rate decisions. Earlier US data showed producer prices rose 0.4% m/m in September, above estimates of 0.2%.
The Federal Reserve will release minutes of the September meeting, at which it decided to hike rates by 75 basis points, the third such hike in a row to 3.25%, the highest since 2008.