GBP: The British Pound is facing slight challenges against most of its counterparts following the release of the UK’s latest GDP figures. July’s data fell short of expectations, remaining flat at 0% instead of the anticipated 0.2% growth. As the data indicated economic stagnation in July, market sentiment toward Sterling has weakened since the start of today’s European trading session.

EUR: The Euro is largely stable against most of its peers this morning, as investors seem cautious ahead of the European Central Bank’s upcoming interest rate decision. Additionally, with recent disappointing economic data from the Eurozone, a confirmed rate cut by the ECB could lead to further declines in the single currency.

USD: The U.S. Dollar strengthened following a robust U.S. consumer inflation report, dampening hopes of a significant interest rate cut by the Federal Reserve. While headline CPI inflation eased, the core inflation reading suggested it could be more persistent than expected. Consequently, expectations for a 25-basis point rate cut increased significantly, while the likelihood of a 50-basis point cut dropped sharply.