Forex Today: Market attention shifts to August inflation data from US

Here is what you need to know on Wednesday, September 11: The US Dollar stays under selling pressure early Wednesday as markets gear up for key inflation data. The US Bureau of Labor Statistics will release Consumer Price Index data for August. Later in the day, the US Treasury will hold a 10-year note auction. Following a bullish start to the week, the USD Index stays on the back foot in the European morning and was last seen losing nearly 0.3% on the day.

The UK's Office for National Statistics reported earlier in the day that Industrial Production and Manufacturing Production contracted by 0.8% and 1%, respectively, on a monthly basis in July. Other data from the UK showed that the monthly Gross Domestic Product was unchanged in July. GBP/USD struggles to gather recovery momentum after these data releases and trades slightly below 1.3100.

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