Sterling rises on upbeat inflation data

The British pound rose on Wednesday, amid the UK's efforts to contain the coronavirus outbreak, and following the release of strong data on the British inflation rates.

The data showed today that the UK's consumer price index rose 1.7%, slightly lower than forecasts of 1.8%, and consumer price index inflation rate rose 1.7%, more than forecasts of 1.5%.

The British PM Boris Johnson announced that the UK more than 405,000 اhave volunteered to help in the country's war against the coronavirus, despite the government asking for only 250,000 volunteers.

However, the country still suffers from a high number of infections and deaths from the deadly pandemic, which casts a shadow on the economy and the normal daily life.

GBP/USD rose by 1.1% to 1.19 as of 19:47 GMT, after the pair hit an intraday high of 1.172 and a low of 1.1642.