Inflation in the United Kingdom held steady at the Bank of England’s 2% target in June, official data from the Office for National Statistics showed on Wednesday.
The figures were slightly above analysts’ expectations (1.9%), according to economists polled by Reuters, but in line with the previous reading of 2% in May.
As a result of the announcements, the British lb gained 0.49% and broke above the $1.3 level on Wednesday for the first time in a year, as investors braced for an upcoming period of growth-friendly policies and political stability under the newly elected Labor government.
Against the euro, the pound rose 0.07% against the euro to 1.1908.