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Sterling reaction muted as United Kingdom inflation stays high

Feb 13, 2018 (Agencia EFE via COMTEX) --

London, Feb 13 (efe-epa).- Sterling edged up only very slightly after the United Kingdom’s January annual inflation figure unexpectedly remained at 3 percent, as worries about the UK getting a transitional deal after breaking up from the European Union persisted, according to a report from Dow Jones Newswires made available to EFE on Tuesday.

The consensus in a Wall Street Journal poll was for year-on-year Consumer Price Index of 2.9 percent.

The euro to pound sterling exchange rate traded down 0.1 percent at 0.8868, and GBP to the dollar was up 0.3 percent at 1.3889, versus levels beforehand of around 0.8882 and 1.3879 respectively, Dow Jones added.

Although the high inflation number will add to expectations for another Bank of England rate rise in May, nearly two interest rate increases are already priced in the pound for the next 12 months, according to UniCredit, Dow Jones added.

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