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GBP slides

FOREX_sterling-slides2305_FXPIG

Sterling fell to a new 2018 low on Wednesday after weaker-than-expected UK inflation cast doubt on whether the Bank of England (BoE) will raise interest rates this year.

Annual consumer price inflation cooled to 2.4 percent, its weakest increase since March 2017.

Sterling slumped 0.6 percent after the data to $1.3347, its lowest since Dec. 21 and government bond prices rallied, pushing five-year gilt yields to their lowest since May 14.

Worries about Brexit and a recent run of weak economic data means markets are now not even pricing in a full 25-basis-point hike by the end of 2018.

A broad rally by the dollar has helped cause what had been one of the best-performing major currencies to give up all its 2018 gains.

BoE policymaker Gertjan Vlieghe told the Treasury Committee of parliament on Tuesday that policy rates are set to rise 25 to 50 basis points every year over three years.

But a surprise drop in consumer price inflation in early 2018, partly blamed on bad weather, and weak economic growth figures have called into question whether the BoE will tighten monetary policy at all this year.

This month, the BoE refrained from an interest rate hike that had at one point been widely expected.

Risks around the sort of relationship Britain can agree with the European Union after leaving the bloc continue to weigh on the pound.

Britain’s foreign minister Boris Johnson said the country must ditch EU tariff rules as quickly as possible and run its own trade policy, Bloomberg reported on Tuesday.

UK gross domestic product figures due out on Friday will also be scoured for clues on monetary policy.

Source: www.reuters.com

Sterling fell to a new 2018 low on Wednesday after weaker-than-expected UK inflation cast doubt on whether the Bank of England (BoE) will raise interest rates this year.

Annual consumer price inflation cooled to 2.4 percent, its weakest increase since March 2017.

Sterling slumped 0.6 percent after the data to $1.3347, its lowest since Dec. 21 and government bond prices rallied, pushing five-year gilt yields to their lowest since May 14.

Worries about Brexit and a recent run of weak economic data means markets are now not even pricing in a full 25-basis-point hike by the end of 2018.

A broad rally by the dollar has helped cause what had been one of the best-performing major currencies to give up all its 2018 gains.

BoE policymaker Gertjan Vlieghe told the Treasury Committee of parliament on Tuesday that policy rates are set to rise 25 to 50 basis points every year over three years.

But a surprise drop in consumer price inflation in early 2018, partly blamed on bad weather, and weak economic growth figures have called into question whether the BoE will tighten monetary policy at all this year.

This month, the BoE refrained from an interest rate hike that had at one point been widely expected.

Risks around the sort of relationship Britain can agree with the European Union after leaving the bloc continue to weigh on the pound.

Britain’s foreign minister Boris Johnson said the country must ditch EU tariff rules as quickly as possible and run its own trade policy, Bloomberg reported on Tuesday.

UK gross domestic product figures due out on Friday will also be scoured for clues on monetary policy.

Source: www.reuters.com

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