The UK's annual inflation rate fell below the Bank of England's 2.0% medium target for the first time in 21 months in June, followed by the retail price index posting its sharpest drop since records began in 1948. The consumer price index rose 0.3% on the month and 1.8% on the year in June, which is the lowest annual rate since September 2007.

The retail price index is the most familiar general purpose domestic measure of inflation and ended up rising 0.3% on the month, but was 1.6% lower on the year. Falling retail price index numbers can be attributed to falling mortgage interest rates which have brought poorer than expected results.

Poor UK data has the sterling's currency exchange rates at USD1.6303 and EUR1.1663.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.