Market News
Pound weakens slightly after cooler-than-expected British inflation - REUTERS
LONDON, March 26 (Reuters) - Sterling weakened slightly on Wednesday after data showed British inflation slowed to an annual rate of 2.8% in February from 3.0% in January, also slightly below market expectations.
The pound was last down 0.13% on the dollar at $1.2927 having traded at $1.2940 immediately before the data. It also weakened on the euro, with the common currency up 0.08% at 83.45 pence.
British markets are in focus on Wednesday with finance minister Rachel Reeves set to announce cuts to her spending plans later in the day in an attempt to show investors that she can be trusted to fix the public finances as growth falters.