Sterling ticked up after UK inflation data marginally tops expectations

Sterling ticked up on Wednesday after data showed UK inflation held steady in September, though above expectations for a slight retreat.

UK consumer price inflation held at 6.7% in September, an 18-month low, showing no acceleration. It was, however, above expectations for a retreat to 6.6%. The pound by 0842 GMT was up 0.15% on the day against the dollar at $1.2205, having earlier risen to $1.2210 after the inflation data. Against the euro, sterling was marginally lower at 86.71 pence.

The dollar is also benefiting from safe haven demand on concerns over the conflict in the Middle East. U.S. President Joe Biden pledged solidarity with Israel on Wednesday and said a deadly blast at a Gaza hospital seemed to have been caused by a rocket misfired by militants. Sterling fell after a brief pop as British consumer price inflation unexpectedly held at 6.

A host of U.S. Federal Reserve speakers were due to give comments on Wednesday, while Fed Chairman Jerome Powell is also scheduled to speak on Thursday. Shares on the Johannesburg Stock Exchange closed lower, with the blue-chip Top-40 index down over 1.2%. South Africa’s benchmark 2030 government bond was weaker, with the yield up 6.5 basis points at 10.825%.Global Markets

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