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Sterling hits 3-week low vs euro after UK inflation misses expectations

Sterling slipped to its lowest in almost three weeks against the euro on Tuesday, while Britain’s main FTSE 100 stock index jumped to a session high, after UK inflation data came in slightly weaker than expected.

The numbers showed consumer price inflation held at an annual rate of 3.0 percent in October, below economists’ average expectation in a Reuters poll for a 3.1 percent annual rise.

Sterling fell to as low as $1.3075 after the data, down from $1.3115 before its release and around 0.3 percent lower on the day.

Against the euro, the pound slipped to 89.525 pence , down 0.6 percent on the day and its weakest since Oct. 26.

The FTSE 100 jumped to a session high, up 0.3 percent after the UK inflation data dented sterling.

British government bond prices rose after the inflation data. Gilt futures were up nearly 20 ticks by 0937 GMT.

British 10-year government bond yields — which move inversely to price — slipped to 1.32 percent, down from 1.35 percent beforehand.
Source: Reuters (Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan)

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