Bloomberg News

Pound Near 1-Week Low Against Dollar; PPI at Lowest in 9 Months

July 08, 2011

July 8 (Bloomberg) -- The pound stayed within a penny of a more-than one-week low against the dollar after a report showed U.K. producer prices rose in June at the slowest pace since September, limiting the scope for higher interest rates.

The pound fell as much as 0.2 percent to $1.5939, the weakest intraday level since June 28, before trading at $1.5974 as of 9:45 a.m. in London. Sterling added 0.4 percent to 89.58 pence per euro and was 0.2 percent stronger at 130.03 yen.

U.K. factory gate inflation accelerated 0.1 percent in June, down from 0.2 percent in May, the Office for National Statistics said today in London. That matched the median forecast of 20 economists in a Bloomberg News survey.

To contact the reporter on this story: Garth Theunissen in London at gtheunissen@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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