Sterling rose on Wednesday after data showed UK inflation rose faster than expected last month.

UK consumer prices rose 3.5% y/y in April, passing estimates of a 3.3% rise.

On trading, the GBP/USD pair rose 0.3% as of 20:20 GMT to $1.3427.

Aussie

The Australian dollar rose 0.2% against its US counterpart as of 20:20 GMT to $0.644.

US Dollar

The dollar index fell 0.6% as of 20:02 GMT to 99.5, with a session-high at 99.9, and a low at 99.3.

Reports indicate that Trump is frustrated with the slow progress of the bill and urged Republican lawmakers to back off some of their demands and pass the bill.

Concerns about the US budget and debt sent 30-year treaury yields above 5% once more today while 10-year yields rerurned above 4.5%.

Otherwise, the US-China dispute resurfaced on chips after just two weeks of their agreement to pause most tariffs for 90 days, with China warning that Trump's attack on Huawei chips hurt the outcome of the Geneva talks.

Nvidia CEO Jensen Huwang said the US controls on AI chip exports failed and helped bolster the development of Chinese alternatives, leading to billions of dollars of lost sales for US companies.

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