{"id":120071,"date":"2021-08-18T15:55:08","date_gmt":"2021-08-18T15:55:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=120071"},"modified":"2021-08-18T15:55:08","modified_gmt":"2021-08-18T15:55:08","slug":"sterling-stuck-near-3-week-low-after-inflation-slowdown","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/sterling-stuck-near-3-week-low-after-inflation-slowdown\/","title":{"rendered":"Sterling stuck near 3-week low after inflation slowdown"},"content":{"rendered":"
FILE PHOTO: A British Pound banknote is seen in front of displayed stock graph in this illustration taken May 7, 2021. REUTERS\/Dado Ruvic\/Illustration<\/figcaption>

LONDON (Reuters) – Sterling hovered near a 3-1\/2-week low against the dollar on Wednesday as UK inflation data showed a sharper slowdown than expected – though analysts said investors were focused more on the state of the labour market.<\/p>\n

Having fallen on Tuesday after a jump in the dollar, the pound was little moved by the inflation numbers, which investors believe will have little bearing on the rising trend for inflation.<\/p>\n

Derek Halpenny at MUFG said Wednesday\u2019s strong data from the labour market – a key determinant of future inflation – was \u201cperhaps more important as it revealed another strong print that in our view reinforces the prospect of a rate hike cycle commencing in the second half of next year.\u201d<\/p>\n

The pound was at $1.3760, off Tuesday\u2019s trough of $1.3726, which was the lowest since July 23.<\/p>\n

Against the euro, the British currency steadied. It was up 0.1% at 85.105 pence but still close to two-week lows reached on Tuesday.<\/p>\n

British inflation fell to the Bank of England\u2019s 2% target last month, a slowdown that economists said was most likely a blip as the reopening of the economy after lockdown drives prices higher.<\/p>\n

Economists polled by Reuters had expected a 2.3% rise in consumer prices following a 2.5% rise in June.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: A British Pound banknote is seen in front of displayed stock graph in this illustration taken May 7, 2021. 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