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Sterling trims gains vs dollar after low UK CPI

Tue Jul 14, 2009 4:45am EDT

LONDON, July 14 (Reuters) - Sterling trimmed gains against the dollar on Tuesday after data showed that annual UK consumer price inflation fell below the Bank of England's 2 percent target, suggesting that price risks continue to recede as the economy remains weak.

Currencies  |  U.K. Markets

The Office for National Statistics said UK consumer prices rose 0.3 percent on the month in June, taking the annual rate to 1.8 percent, the lowest since September 2007, from 2.2 percent in May [ID:nONS004360]

Sterling GBP=D4 slipped to around $1.6278 shortly after the data, from around $1.6310 beforehand. By 0842 GMT, it was at $1.6290, up 0.4 percent on the day.

The euro EURGBP=R traded at 85.90 pence, little changed from before the announcement.

(Reporting by Naomi Tajitsu)

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