Pound Edges Higher on British GDP Data as Euro Holds Steady

The pound rose on Thursday following positive British GDP data, with the euro maintaining its strength above $1.10. U.S. inflation figures have bolstered expectations for a Fed rate cut next month. Japan's economy showed stronger-than-expected growth, and Australian employment data exceeded forecasts, despite a slight rise in the jobless rate.

The pound rose on Thursday following positive British GDP data, climbing 0.24% against the dollar to $1.2857 after news of a 0.6% economic growth in the UK for Q2 of 2024.

The euro remained firm above $1.10, supported by U.S. inflation data that reinforced expectations of a Federal Reserve rate cut next month.

Japan's economy also showed stronger-than-expected growth, expanding by an annualized 3.1% in Q2, while Australian employment data exceeded forecasts, despite a slight increase in the jobless rate.

(With inputs from agencies.)