The British pound held its advances Wednesday following UK inflation rate surged in July, retaining bets the Bank of England will raise interest rate soon.
The Office for National Statistics reported the Consumer Price Inflation climbed 0.1% last month from 0% in June, while core inflation rose 1.2% last month from 0.8% in June.
Sterling stood at 70.24 pence per euro. Against the US dollar, the pound finished at $1.5661.
More surprises in core inflation prints, specifically services inflation, can make hawkish policymakers “more comfortable in pulling the trigger for voting for a hike,” said analysts at Credit Suisse.
The material has been provided by InstaForex Company – www.instaforex.com