The sterling pound weakened versus other major currencies after the sluggish inflation data decreased the potential rise in the interest rates of the United Kingdom. The CPI kept steady at 2.6% in July while analysts projected that the rate will gain 2.7%. The issued data triggered speculation that inflation is possible to reach the peak. The British pound declined to $1.29 mark against the US dollar, which shows a drop of more than a cent to $1.2860. In comparison to the single European currency, the GBP came in at 0.4% lower against 1.0959 euros. Neil Wilson, an analyst at ETX Capital said that the anticipated increase failed to happen. The inflation continued to be cooler while the Sterling slumped and investors are expecting for a rebound last month after the unexpected downturn in June. Moreover, the CPI is still anticipated to surge by 3% this year prior the slowdown but there are indications that inflation would likely reach the top. The shares were able to ramp up on the back of the weak pound, as the FTSE 100 index rose by 29.96 points to 7,383.85 at the close. Usually, when the GBP fell off, it benefits the FTSE 100 which shows that international gains for companies included in the index have a higher value than being converted with the sterling.
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