The US dollar ticked up on Thursday, but lingered close to the lowest level in seven months following the release of inflation data figures, while the pound advanced after robust growth figures.

Th dollar index that gauges the greenback versus its major pairs, advanced by 0.1% to 102.452, slightly above the levels recorded in January.

The greenback has been under pressure for most of this week, as data released on Wednesday indicated a moderate rise in the consumer price index for July, matching expectations. Additionally, the annual inflation rate decreased to below 3% for the first time since early 2021.

The data, combined with lower-than-expected producer prices earlier in the week, indicate that inflation is trending downward. This trend could give the Federal Reserve the leeway to begin lowering interest rates.

The upcoming Federal Reserve meeting in September is largely anticipated to include a rate cut, though there is still discussion regarding the extent of the initial reduction.

EUR/USD edged lower to 1.1011, but lingered close the earlier session’s high of 1.1047, its peak this year.

GBP/USD added 0.2% higher at 1.2845, Following data revealing that Britain's economy expanded by 0.6% in the second quarter of 2024, building on a strong 0.7% rebound in the first quarter.

USD/JPY climbed 0.1% to 147.43, the yen stabilized after GDP data revealed that Japan’s economy grew more than anticipated in the second quarter, supported by a boost in private consumption and an increase in Japanese wages.