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Pound Falls as U.K. Inflation Unexpectedly Holds at 3 Percent
Tuesday, 14 November 2017 17:32 WIB | CURRENCIES |poundPoundsterling

The pound declined for a second day as data showed that annual U.K. consumer-price inflation held steady in October, missing analysts™ forecasts for an acceleration.

Sterling weakened versus most of its major peers after the Office for National Statistics said that consumer prices rose 3 percent last month from a year earlier, holding at a 5 1/2-year high. That was below the median forecast of 3.1 percent among economists in a Bloomberg survey and means BOE Governor Mark Carney has been spared having to write to Chancellor of the Exchequer Philip Hammond to explain why inflation is more than a percentage point above the 2 percent target. The BOE raised its key interest rate for the first time in more than 10 years on Nov. 2.

The pound fell 0.1 percent to $1.3097 as of 10:12 a.m. in London, after sliding 0.6 percent Monday. Sterling weakened 0.5 percent to 89.43 pence per euro. The yield on U.K. 10-year government bonds was little changed at 1.33 percent.

Source : Bloomberg

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