GBP rise pressure bank of England to end their program. Pound Sterling matching the February increase due to the waiting of U.K. inflation data report which the inflation rate reportedly unchanged. Details!!!!!
Pound Strengthens Against Euro Before U.K. Inflation Data
The pound rose against the euro before a report that economists said will show the inflation rate was unchanged in March, adding pressure on the Bank of England to end its program of asset purchases.
The advance pushed sterling toward yesterday’s 18-month high versus the 17-nation currency. Consumer prices rose 3.4 percent from a year earlier, matching February’s increase, and exceeding the central bank’s 2 percent target, according to the median estimate of 37 economists in a Bloomberg News survey.
The pound appreciated 0.2 percent to 82.52 pence per euro at 7:57 a.m. London time, after reaching 82.10 pence yesterday, the strongest level since Sept. 9, 2010. Against the dollar, the U.K. currency weakened 0.2 percent to $1.5868.
Sterling has climbed 0.7 percent in the past month, the second best performer after the yen among the 10 developed- nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The euro dropped 0.2 percent. (Lucy Meakin – Bloomberg)