Cooler UK Inflation Data Only Slows Pound’s Decline

The British pound’s week-long decline eased slightly on Wednesday, but the reprieve proved modest. The June inflation print gave sellers a clean case to press bearish bets, and the currency struggled to gain meaningful traction.

Even with a lower-than-expected inflation figure, the pound failed to stage a sustained recovery. The data did little to alter the broader negative outlook, leaving the currency vulnerable to further weakness.