Sterling Joins Rally After Fed Drives Dollar Lower

The Great Britain pound was falling earlier today as economic data from the United Kingdom was mixed, but the sterling joined the rally together with other currencies after the minutes of the Federal Reserve policy meeting led to the drop of the US dollar.
The BRC-Nielsen Shop Price Index fell 1.8 percent in September from a year ago after declining 1.6 percent in August. Meanwhile, the Halifax House Price Index rose 0.6 percent last month, while analysts predicted just a 0.2 percent increase. The mixed data was keeping the sterling down, but the Fed minutes helped the currency to reverse losses and rally.
GBP/USD rose from 1.6095 to 1.6160 as of 21:52 GMT today after falling to 1.6032 earlier. GBP/JPY advanced from 173.85 to 174.76 following the drop to the daily low of 173.44.

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