Sterling falls after disappointing consumer price data

The British pound fell against the US dollar on Wednesday, following the release of disappointing economic data.

The data showed that the UK's consumer price index rose 0.4% in February, missing forecasts of a rise by 0.8%.

The core reading of the same index rose 0.9% in February, missing forecasts of a rise by 1.4%.

The retail price index (RPI) rose 1.4% in February, also lower than forecasts of a rise by 1.6%.

Federal Reserve Chairman Jerome Powell said yesterday that the US economic recovery is still far from complete, but Treasury Secretary Janet Yellen said that she sees both growth and possibly full employment in 2022.

As of 19:24 GMT, GBP/USD fell by 0.4% to 1.3693, after hitting a high of 1.3758 and a low of 1.3675.