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Pound hits 10-month high, pulls back before data

Hold on to your hat. Sterling is wobbling ahead of the upcoming UK inflation data, hitting a 10-month high against the dollar before falling back.

The pound hit $1.3126 in early European trading, its highest level since September 2016, but has since eased off to $1.3082, up o.2 per cent on the day.

Economists are expecting to see a reading of 2.9 per cent annual inflation in June, in line with May.