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UK inflation figures see Sterling lose small gains

15th August 2012

Sterling hit a two-week high against the dollar yesterday (August 14th), before the publication of the latest UK inflation figures.

GBP rose to $1.5730, from around $1.5702, but after the Bank of England data it eased back to finish the day on $1.5694.

The rate of inflation measured by the consumers prices index increased from 2.4 per cent to 2.6 per cent during July - Reuters reports that if the rate continues to increase it will give the Bank of England less room for manoeuvre for any future quantitative easing.

Some analysts even are even speculating that the Bank will consider reducing interest rates from their current record low of 0.5 per cent. 

More data from France and German helped the Euro gain ground on the pound.

The single currency fell to around 78.72p from 78.82p before the publication of the figures, but ended the day trading 0.2 per cent higher after traders cut their losses.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.