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Sterling drops as inflation slows more than expected


Wednesday, 21 March 2018 01:19 WIB

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Sterling fell against the dollar on Tuesday after UK inflation slowed more than forecast in February, the first of several sets of data in a week when the Bank of England is expected to signal interest rates will rise as early as May.

Against the dollar, sterling had traded up 0.2 percent at $1.4054 before the data was released and then fell below $1.40. It traded down 0.1 percent at $1.4015 at 1545 GMT.

It built on gains versus the euro, which sold off broadly as the dollar rebounded. The pound rose 0.4 percent to 87.635 pence per euro.

The pound hit a one-month high of $1.4088 on Monday after the deal on a 21-month transition following Britain’s departure from the EU next year. The two sides are now clear to negotiate what their future trading relationship will look like.

Source: Reuters


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