Sterling edged back above $1.30 on Wednesday after data showed British inflation unexpectedly hitting a six-month high in January, confirming expectations that the Bank of England would not be cutting interest rates any time soon.
Consumer prices rose at an annual rate of 1.8% compared with 1.3% in December, not far off the Bank of England's 2% target, the Office for National Statistics said. A poll of economists had pointed to a rate of 1.6%.
The pound which had traded below the $1.30 mark in early London trade, rose back into positive territory after the data and stood at $1.3017, up 0.16% on the day. Currently, GBP is trading at $1.3006. Versus the euro, the pound had started the day down 0.25% but rose back to trade flat against the single currency.
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