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British pound mini flash crash after weak inflation data

GBPUSD News by Newsroom on 04:51 April 18, 2018 EST
Sterling dropped abruptly on Wednesday morning after data on UK inflation came in substantially below market estimates.

Core CPI was 2.3% below estimate of 2.5%. Annual RPI 3.3% also two tenths below expectations. The CPI headline figure was 3.3% versus 3.% expected.

The pound shed a cent instantly was lower by 0.39 per cent to $1.4232. Sterling had climbed on Tuesday to $1.4376, the highest level since the Brexit vote in June 2016. The move was replicated in other closes.