UK pound ticks higher at US$1.41

Business | 16 Jun 2021 5:16 pm

Sterling strengthened against the euro and dollar on Wednesday after data showed British inflation unexpectedly jumped above the Bank of England's 2 percent target in May, sparking some concerns that policymakers may start signalling a shift in policy thinking if prices shoot up further, Reuters reports.

Inflation hit 2.1 percent in May, outpacing forecasts and looks set to rise further as the country re-opens its economy after its coronavirus lockdowns.

Against a broadly steady dollar, the British pound edged up by  0.2 percent at US$1.4112, homing in on a 2021 high of US$1.4250 hit at the start of June.

Against the euro, the British currency edged up by 0.25 percent at 85.94 pence.

 



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