Pound jumps against Euro

£/€ hits 21-month high

Pound/Euro exchange rate

The pound has climbed to a one-week high versus the US dollar and a 21-month high against the Euro after data released this morning showed UK inflation is running at its highest rate for a decade.

Figures showing that inflation surged to 4.2% in the year to October are stoking expectations of an interest rate rise as early as next month.

Reacting to the data, analysts at Mizuho said: “This morning’s UK inflation data was stronger than expected and, alongside Tuesday’s labour market data, further strengthens the case for a December hike”.

The data sent the pound 0.4pc higher against the Euro to €1.19. Against the dollar, it edged 0.3pc higher to $1.3480, its highest level since November 10.

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