The Sterling fell against the US Dollar on disappoint UK consumer inflation report. The GBP/USD currency pair dropped 32 base points or 0.24% to make a double touch of the intraday low close to the 1.3090 mark. On Wednesday motning the pair was seen trading in the 1.3140 area, awaiting the other closely watched report on average earnings.
Britain’s consumer price growth held steady at 3.0% in October, while analysts’ forecasted it to expand 3.1% in the reported month. An unexpectedly steady inflation raised questions on how fast the Bank of England is likely to raise key interest rates. Meanwhile, the Bank argued that Brexit would damage the UK ability to expand as fast as previously without bearing excess inflation.
