British Pound inches higher after positive data

The British pound edged up against the US dollar on Wednesday, following positive economic data.

Data showed today that the UK's consumer price index rose 0.7% in October, beating forecasts of 0.5%.

The retail price index (RPI) rose 1.3% during the past month, also higher than forecasts of 1.2%.

Global markets received support today after the American company Pfizer and the German firm BioNTech announced on Wednesday that the recent data from the final phase of the clinical trials on their Covid-19 vaccine showed it was 95% effective.

This came after Moderna announced on Monday that its coronavirus vaccine was more than 94.5% effective in preventing the disease.

As of 21:18 GMT, GBP/USD rose 0.1% to 1.3267, after hitting a high of 1.3312 and a low of 1.3243.