Pound Drops Most in a Month as UK Inflation Misses Estimates
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Consumer prices rose just 3.2% in November.The pound headed for its biggest one-day drop in a month after UK inflation came in softer than expected, boosting bets that the Bank of England will have to deliver more interest rate cuts next year.Sterling dropped 0.8% to $1.3316, its lowest level in a week, and the UK 10-year yield fell by seven basis points to 4.45%. Money markets added to BOE rate cut bets, pricing 67 basis points of easing by the end of next year compared to 58 ahead of the data.