Pound makes tentative gains as market awaits consumer prices information

The pound has made tentative gains in forex trading with the euro this morning (February 12th), as the market awaits the publication of the UK's consumer price data for January.

Economists anticipate this report will show the pace of inflation remained at its highest rate since May 2012 for the 31-day period, with a median estimate of 36 analysts by Bloomberg projecting consumer prices rose by 2.7 per cent year on year.

The Office for National Statistics will publish this information at 09:30 GMT today, while the Bank of England will set out its latest forecasts for growth and inflation tomorrow.

Sterling has performed badly in forex markets so far in 2013.

The pound has depreciated by 3.4 per cent, making the British currency the second-worst after the yen in terms of performance among the ten developed-market currencies tracked by Bloomberg.

At 08:50 GMT, the pound slipped against the dollar and rose versus the euro, with 1 GBP buying 1.563 USD and 1.169 EUR.

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