Pound Hits New Yearly High Vs Euro
The pound jumped to it's highest level against the euro since early December 2008 after news that the annual inflation rate in May rose to 2.2%, against analysts expectations of a 2% rise.
Meanwhile retail prices in May fell by 1.1% annually, less than the 1.5% that had been expected.
The pound rose to 1.1829 against the euro and $1.6445 against the dollar, close to its recent high of $1.6660 set on June 3rd.
Bullish comments from The Bank of Japan that the worst of the recession was likely to be over also led to a flight away from the dollar.
Meanwhile retail prices in May fell by 1.1% annually, less than the 1.5% that had been expected.
The pound rose to 1.1829 against the euro and $1.6445 against the dollar, close to its recent high of $1.6660 set on June 3rd.
Bullish comments from The Bank of Japan that the worst of the recession was likely to be over also led to a flight away from the dollar.
