AGL 5.72 Increased By ▲ 0.02 (0.35%)
ANL 8.93 Decreased By ▼ -0.17 (-1.87%)
AVN 79.42 Increased By ▲ 0.26 (0.33%)
BOP 5.18 Decreased By ▼ -0.03 (-0.58%)
CNERGY 4.69 Decreased By ▼ -0.04 (-0.85%)
EFERT 81.32 Increased By ▲ 0.21 (0.26%)
EPCL 50.91 Increased By ▲ 0.16 (0.32%)
FCCL 13.45 Decreased By ▼ -0.07 (-0.52%)
FFL 5.80 Increased By ▲ 0.04 (0.69%)
FLYNG 7.18 Decreased By ▼ -0.11 (-1.51%)
FNEL 4.80 Decreased By ▼ -0.04 (-0.83%)
GGGL 8.72 Decreased By ▼ -0.17 (-1.91%)
GGL 15.73 Decreased By ▼ -0.07 (-0.44%)
HUMNL 5.84 Increased By ▲ 0.01 (0.17%)
KEL 2.58 Decreased By ▼ -0.01 (-0.39%)
LOTCHEM 29.31 Decreased By ▼ -0.49 (-1.64%)
MLCF 25.37 Increased By ▲ 0.22 (0.87%)
OGDC 72.56 Decreased By ▼ -0.14 (-0.19%)
PAEL 15.39 Decreased By ▼ -0.08 (-0.52%)
PIBTL 5.17 Increased By ▲ 0.04 (0.78%)
PRL 16.27 Decreased By ▼ -0.23 (-1.39%)
SILK 1.05 Decreased By ▼ -0.05 (-4.55%)
TELE 9.34 Decreased By ▼ -0.21 (-2.2%)
TPL 7.35 Increased By ▲ 0.02 (0.27%)
TPLP 19.10 Decreased By ▼ -0.16 (-0.83%)
TREET 21.89 Increased By ▲ 0.05 (0.23%)
TRG 142.76 Decreased By ▼ -1.34 (-0.93%)
UNITY 17.20 Decreased By ▼ -0.32 (-1.83%)
WAVES 10.05 Increased By ▲ 0.05 (0.5%)
WTL 1.36 Decreased By ▼ -0.01 (-0.73%)
BR100 4,248 Decreased By -10.3 (-0.24%)
BR30 15,761 Decreased By -79.9 (-0.5%)
KSE100 42,349 Decreased By -25 (-0.06%)
KSE30 15,632 Decreased By -33.3 (-0.21%)
Follow us

LONDON: Sterling edged up versus the dollar and euro on Wednesday after data showed inflation in Britain at a nearly 30-year high, reinforcing expectations the Bank of England will further hike interest rates.

The annual rate of consumer price inflation rose to 5.5% in January, the highest since March 1992, and above expectations from economists for it to hold at December’s 5.4%.

Wider markets remained jittery about the threat of Russia invading Ukraine. The United States and NATO said Russia was still building up troops around Ukraine on Wednesday despite Moscow’s insistence it was pulling back.

Soaring inflation across many global economies has sparked a debate about how fast central banks should rein in stimulus deployed earlier in the COVID-19 pandemic to prop up businesses and consumers.

The BoE has already raised interest rates twice since December - lifting rates to 0.5% from 0.1% - and financial markets expect a further rate rise to 0.75% or 1% on March 17 after the BoE’s next meeting.

“As we have come to expect the (inflation) data was stronger than the consensus. However, the beat was marginal,” said currency analysts at MUFG in a note.

“It won’t change BoE expectations over coming meetings and hence GBP impact should also be minimal.” Sterling was last up 0.2% versus the dollar at $1.35720.

Against the euro, the pound was also up 0.2% at 83.71 pence per euro.

Comments

Comments are closed.

Sterling edges up after UK inflation soars to nearly 30-year high

Govt remains committed to eliminate interest-based banking system in Pakistan: Dar

At least 3 killed, over 20 injured in suicide blast in Quetta

Rupee closes unchanged against US dollar for second day

Blast in Hangu mine leaves 9 dead, 4 injured

Aramco discovers two new Saudi gas fields

Pakistan’s REER rises to 17-month high at 100.4 in October

Oil up over $2 on tighter supply while OPEC+ talks limit gains

World Bank says remittances up 5% in 2022, but growth to slow to 2% next year

Punjab local government election to be held in April: ECP

Azam Nazeer Tarar takes charge as law minister again