The pound's gains today came with a weaker-than-expected slowdown in inflation in Britain and the highest levels of public borrowing in a year, also exceeding expectations.
Although today's inflation reading was not at expectations, it does not appear to have changed the markets' hypothesis about the possibility of the Bank of England cutting interest rates for the first-time next June and the almost inevitable cut in August.
In today's data, annual inflation had slowed to 2.3% in April from 3.2%, which was higher than expected at 2.1% according to the Office for National Statistics (ONS). Monthly inflation also grew faster than expected at 0.3%.
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