UK CPI rose 1.0% YoY in July as compared to +0.6% expected. Meanwhile,  the core inflation gauge (excluding volatile food and energy items) also  surpassed expectations and came in at +1.8% YoY during the reported  month, up from the 1.4% increase in June. GBP/USD could now advance to  1.3340 in the near-term – UOB. EUR/USD faced rejection above 1.1950  during Tuesday’s Asian trading hours, as the dollar sell-off suddenly  stalled despite the risk-on rally in the Asian stocks. The dollar  struggled to recoup heavy overnight losses on Wednesday after it slipped  to 27-month low the previous session as uncertainties about an economic  recovery and the U.S. fiscal stimulus package weighed. The AUD/USD pair  inched down 0.05% to 0.7237 while the NZD/USD pair inched up 0.08% to  0.6604. The USD/CNY pair inched up 0.01% to 6.9219, with U.S.-China  tensions continuing to escalate.