Sterling declined on Wednesday against dollar away from five-week highs on profit-taking and following weak UK inflation data for September. 

GBP/USD fell 0.2% to 1.3768, with an intraday high at 1.3814, after closing up 0.5% yesterday, marking five-week highs at 1.3833 following bullish statements from Bank of England governor. 

Andrew Bailey said earlier this week the bank will love to counter increasing inflationary pressures, in turn bolstering the case for UK policy tightening soon. 

In London, inflation settled down last month, in turn dampening bets on a UK rate hike in the near term.

Consumer prices rose 3.1% in September in the UK, missing estimates of 3.2%, and also down from 3.2% in August. 

US stock indices rose on Tuesday, lifted by a slew of strong earnings results for the third quarter.

The US building permits index was at 1.59 million last month, lower than forecasts of 1.67 million.

The housing starts index was at 1.56 million units in September, lower than forecasts of 1.61 million units.

Several major companies reported their quarterly business results, as Johnson & Johnson and Netflix reported today their earnings results for the third quarter.

To the oil market, WTI crude November futures rose 0.6% or 52 cents, and closed at $82.96 a barrel.

Brent December futures rose 0.9% or 75 cents, and closed at $85.08 a barrel.

As for stocks, Dow Jones rose 0.5% or 198 points, and closed at 35,457, with a day high of 35,462, and a low of 35,290.

S&P 500 rose 0.7% or 33 points to 4,519, after hitting a high of 4,520 and a low of 4,496 points.

Nasdaq rose 0.7% or 107 points to 15,129, with a high of 15,137 and a low of 15,049.

The US dollar fell against most currencies on Tuesday, as investors turned to risky assets such as stocks and commodities.

The US building permits index was at 1.59 million last month, lower than forecasts of 1.67 million.

The housing starts index was at 1.56 million units in September, lower than forecasts of 1.61 million units.

Several major companies reported their quarterly business results, as Johnson & Johnson reported today its business results for the third quarter.

Meanwhile, the White House stressed that the US economy is not headed over a cliff of an inflationary wave due to the recent spike in commodity prices.

The dollar index fell against a basket of major currencies by 0.2% to 93.7 points as of 19:21 GMT, after hitting a high of 93.9 points and a low of 93.5 points.

Gold prices rose on Tuesday, as the US dollar fell against most currencies, and after the release of weak economic data.

The US building permits index was at 1.59 million last month, lower than forecasts of 1.67 million.

The housing starts index was at 1.56 million units in September, lower than forecasts of 1.61 million units.

The power outage crisis in China is continuing, which raises concerns about the world's second largest economy growth, especially amid weak supply of energy sources such as coal.

The dollar index fell against a basket of major currencies by 0.2% to 93.7 points as of 19:21 GMT, after hitting a high of 93.9 points and a low of 93.5 points.

Gold spot futures rose 0.2% to $1,769.9 an ounce as of 19:42 GMT, after hitting a day high of $1,786 and a low of $1,763.4.