The pound climbed to its highest against the dollar after the Consumer Prices Index (CPI) inflation stayed at 2% in June, beating economists' predictions. The service sector inflation remained high at 5.7%, raising doubts on the anticipated interest rate cut by the Bank of England.
Sticky inflation in the service sector led to uncertainties about the Bank of England's interest rate reduction, providing a boost for the pound. The King's Speech impact and strong oil prices led London stocks to recover after starting the day in the red.
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