Sterling tumbles after weak UK inflation
Wednesday, 23 May 2018 23:47 WIB | CURRENCIES |poundSterling,Poundsterling

Sterling slid on Wednesday to a new five-month low after weaker-than-expected UK inflation dented the prospect of the Bank of England (BoE) raising interest rates this year.

The pound had been one of the best-performing currencies in 2018 but it has given up all its gains for the year following a broad rally in the dollar and signs Britain™s economy is slowing.

Data on Wednesday showed annual consumer price inflation cooled to 2.4 percent, its weakest increase in over a year.

That sent sterling tumbling to $1.3305, its lowest since Dec. 15..

Investors priced in a one-in-three chance of the BoE raising borrowing costs in August ” the next time it updates its economic forecasts ” down from 50/50 earlier this week.

At 15:00 GMT the pound was down 0.7 percent to $1.3341 and headed for its biggest daily loss in three weeks.

Source: Reuters

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