The pound continued to rise higher in the European session after being shown with the release of UK inflation data showing a better-than-expected increase.
UK annual inflation rose 0.6% in December from 0.3% in the previous month, supported by an increase in transport costs following the easing of temporary travel restrictions.
The inflation rate has been below the Bank of England (BOE) 2% target since mid-2019 and the Covid-19 pandemic crisis has pushed it to near zero as the economy recedes.
At the time of writing, the pound sterling is trading strongly around the price level of 1.36900 with the movement towards the latest high which it reached last week at 1.37100.
In addition, prices were supported by the depreciating greenback dollar after US Treasury Secretary Janet Yellen spoke on a larger stimulus.
In addition to the focus on the official appointment of US President Joe Biden today, market focus is also aimed at the Governor of the Bank of England (BOE), Andrew Bailey who is expected to speak today to explain the current economic situation.
