Sterling steadied against the dollar and euro today after a deep slump a day earlier as the UK's softer-than-feared inflation eased tightening pressures from the Bank of England.
It recorded its biggest daily drop against the single currency in two months yesterday when data showed UK consumer price inflation cooled to 10.1% last month, the lowest reading since September.
The better-than expected inflation figures weakened the pound amid boosted expectations that the Bank of England may be set to end its interest rate hiking cycle. Jane Foley, head of FX strategy at Rabobank, said the euro was holding onto the gains made against the pound on the back of the inflation report but much of the optimism for the slowing down in the inflation had been previously flagged by the Bank of England limiting the pound slump.
Francesco Pesole, FX strategist at ING, said that despite better-than-expected recent data, he still sees a recession in the first and second quarter in the UK.
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