The English pound edged down on Tuesday against the world's reserve currency after the release of economic data indicated consumer price inflation rose at its slowest pace since 2009, according to Bloomberg.
The monetary unit of the U.K. was ebbing and flowing against the shared currency of the European Union as Governor Mark Carney with the Bank of England was readying to address the Economic Affairs Committee of the House of Lords on Tuesday. That would mark the first time the central bank chief addresses the body.
Reuters reports inflation advanced 2.1 percent last month as compared to the same period last year, representing the slowest advance since 2009 as a result of the increased prices of gas and electricity, according to the Office for National Statistics. Economists polled by the news service forecast inflation to remain at 2.2 percent, which would have matched the metric's levels from the month prior.
The pound on Tuesday held on to advances from the day prior against the U.S. dollar, which amounted to 0.2 percent.
The central bank of England is endowed with flexibility as a result of inflation slowing its pace, according to Reuters.
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