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Bloomberg
The pound rose after inflation accelerated, fuelling expectation that the Bank of England (BOE) will hold off lowering interest rates for the foreseeable future.
Sterling cemented its position above $1.30, snapping two days of declines versus the dollar after annual inflation picked up for the first time in six months. The currency has also been given a boost by the prospect of greater public spending in a budget next month.
The pound strengthened 0.2% to $1.3018 in London on Wednesday. Gilts were little changed at 0.61%, as were money markets, which are pricing in a 76% chance of an interest rate cut this this year.