European Union: Dollar Tuesday and Pound Rebound

european union: The U.S. dollar was flat against the yen, though it saw a more pronounced move up against both the euro and the Swiss franc, according to Market Watch. The data out of the U.K. helped the pound rebound from recent weakness, though investors see the currency downtrend continuing amid ongoing concerns over the country impending exit from the European Union. The British pound rose sharply against the dollar Tuesday, boosted as a read on U.K. inflation reached its highest level in nearly two years. The pound GBPUSD, -0.0733% was at $1.2293 from $1.2189 late Monday, off its highs of the session, having reached $1.2326 earlier in the day. Annual inflation in August rose to 0.6%. This is some of the best data we've received in nearly two years, and while we're still below the Bank of England 2% inflation target, this suggests that inflation could be poised to go higher, said Naeem Aslam, chief market analyst at Think Forex. Against the euro GBPEUR, -0.1250% the pound was at €1.1201 from €1.1078, a move of 1.1%. The Office for National Statistics said consumer price inflation rose to 1% in the year though September, outstripping expectations for a rise of 0.8% in a Fact Set survey of analysts. (news.financializer.com). As reported in the news.