As U.K.'s annual inflation exceeded 3%, the Bank of England Governor wrote an open letter to the Chancellor explaining the reasons why inflation has increased to such an extent. However, after the BoE Governor Mervyn King's letter was published at 5:30 am ET Tuesday, the pound was little changed against its major counterparts.
The U.K. CPI report released at 4:30 am ET showed that the annual inflation rose to 3.5% in January from 2.9% in December.
As of now, the pound is worth 0.8701 per euro, 141.26 against the yen, 1.5701 against the dollar and 1.6857 against the franc.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.