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Sterling hits day's high vs euro, gilts fall on UK CPI
March 20, 2012 / 9:43 AM / 6 years ago

Sterling hits day's high vs euro, gilts fall on UK CPI

LONDON, March 20 (Reuters) - Sterling edged higher on Tuesday, hitting a session high versus the euro, while gilts fell after UK inflation data for February came in above forecasts.

UK annual CPI inflation fell to 3.4 percent from 3.6 percent in January, above the 3.3 percent consensus forecast. The firmer-than-expected number may be seen as lessening the chances of the Bank of England implementing more quantiative easing later in the year.

Sterling rose to around $1.5862 against the dollar from $1.5853 before the data, while the euro fell to a session low of 83.19 pence, down from around 83.33 pence beforehand.

June gilt futures fell after the data to trade 5 ticks down on the day at 111.91, having stood at 112.05, up 9 ticks, beforehand. (Reporting by London Markets Team)

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