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Sterling boosted by inflation report



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Europe markets
Europe markets % change Value
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552.70
-8.78
-1.82%
5305.22
-98.19
-1.58%
12163.01
-195.86
-1.48%
3359.08
-50.36
-1.26%
9386.80
-120.20
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22204.22
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As of 22:45 15 Aug 2018

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GBP
% change One £ buys
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GBP against Euro
-0.19%
€1.1190
-0.0020
GBP against Yen
-0.60%
¥140.5050
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GBP against USD
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$1.2698
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€0.8813
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USD against GBP
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£0.7876
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USD against Yen
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¥110.6550
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Euro
% change One € buys
Change
Euro against GBP
+0.20%
£0.8937
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Euro against Yen
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¥125.5650
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Euro against USD
+0.03%
$1.1347
0.0000
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Yen against Euro
+0.41%
€0.0080
0.0000
Yen against GBP
+0.60%
£0.0070
0.0000
Yen against USD
+0.45%
$0.0090
0.0000
As of 22:48 15 Aug 2018

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Oil
Commodity % change dollars per barrel
Change
Brent Crude Oil Futures
-2.35%
70.76
-1.70
WTI Crude Oil Futures
-3.03%
65.01
-2.03
Gold
Commodity % change dollars per ounce
Change
Gold (Forex Index am fix)
0.00%
1195.30
0.00
Gold (Forex Index pm fix)
-0.28%
1197.00
-3.35
Natural Gas
Commodity % change dollars per million BTU
Change
Natural Gas (Henry Hub Futures)
-0.83%
2.93
-0.02
As of 22:47 15 Aug 2018

(Close): Sterling jumped on the currency markets after the Bank of England's latest inflation report hinted at an earlier-than-expected rate rise.

Although the Bank warned inflation could turn negative in spring, it expects the rate to return to its 2% target in two years' time.

The Bank also upgraded its forecasts for growth and wage increases.

The pound rose 0.95% against the dollar to $1.5383.

Against the euro it climbed 0.49% to €1.35080.

"Arguably one of the most notable changes to the Bank's forecast is the upward revision to the inflation profile towards the end of the forecast horizon," said Martin Beck, senior economic adviser to the EY Item Club.

"This reinforces our conviction that interest rate rises, while likely to be very gradual, will probably increase at a faster pace than the market expects. We expect the first hike to come in early 2016 and for rates to reach 1% by end-2016 and 1.5% by end-2017."

On the stock market, the benchmark FTSE 100 index closed up 9 points at 6,828.11.

Mining shares helped to support the market, with Rio Tinto up more than 2% after it announced plans for a $2bn share buyback.

Coca-Cola HBC shares jumped more than 6% following news of an agreement on a ceasefire in eastern Ukraine.

Coca-Cola HBC is the world's second-largest bottler of Coca-Cola drinks and Russia is its biggest market.

Shares in property website Zoopla recovered from falls earlier in the session to close up 0.05% at 186.1p. Earlier on Thursday the company reported an 11% fall in the number of advertising members over the past year. It blamed the drop on the launch of a rival property website run by estate agents.