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Inflation Growth Helps Pound to Gain

Written By Trading Forex News on Wednesday, December 16, 2009 | 5:14 AM

The pound gained today versus several important currencies and specially versus the euro after a report showed an increase in the U.K.’s inflation, helping speculations that interest rates will be raised in the country to grow.

Even if inflation is still below Bank of England’s target of 2 percent reaching 1.9 percent in the annualized figures for the past month, it beat forecasts and added confidence that interest rates will rise in Britain next year, providing support for the pound to gain versus the yen and the euro.

EUR/GBP declined to 0.8926 as of 18:16 GMT from a previous rate of 0.8985 in the intraday.

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