The Great Britain pound rose after the release of a positive inflation report from the United Kingdom today. Currently, the sterling struggles to maintain gains, backing off against its major rivals and even falling back to the opening level against the US dollar.
The Consumer Prices Index rose 0.4% in March from February and 0.5% from the same period in previous year. Both readings were above analysts’ expectations. The currency found support from the favorable data but has difficulties in maintaining the rally, especially against the surprisingly strong dollar.
GBP/USD traded at 1.4208 as of 15:04 GMT today after opening at 1.4235 and rising to 1.4348. EUR/GBP was at about 0.8004, below the opening level of 0.8013 but far above the daily low of 0.7960.
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