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      Session Recap: GBP lags in quiet trade on UK CPI miss

      FXStreet (Córdoba) - The USD was on demand Tuesday European session, climbing across the board with the main exception of the AUD that was outperforming following RBA minutes. On the other hand, the worst performers were the NZD and the GBP, which slumped after the downside surprise to UK CPI.

      The GBP/USD suffered on the back of softer-than-expected CPI figures, which reaffirmed BoE dovish stance, and fell to a 4-month low of 1.6633. Meanwhile, the EUR/USD dropped to a 1-week low of 1.3342 during the European session and remains on the defensive around 1.3350.

      The Australian dollar was the only major advancing versus the greenback, with the AUD/USD having hit a 2-week high of 0.9341 during the Asian trade.

      The focus for the New York session will be on US consumer price index figures for July, with consensus pointing to CPI to grow 2.0% and core 1.9% YoY.

      Main Headlines in Europe:

      Gold clings to $1300

      European Monetary Union Current Account n.s.a came in at €20.8B, above expectations (€14B) in June

      UK: Annual CPI slows down to 1.6% in July

      European stocks extend gains

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      UK Inflation down to 1.6% due to shift in summer sales timing - BNP Paribas

      Raymond Van Der Putten, economist at BNP Paribas, notes that the drop in July UK inflation was caused by the change of the summer sales timing, low prices of food and beverages, weak wage growth and strong GBP.
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