UK inflation first rise since Sept

The Pound is up in trading today, as UK inflation figures rose slightly, in the first increase since September. The official measure, CPI, was up from 3.4% in February to 3.5% in March.

The news is likely to move further Quantitative Easing off the Bank of England’s agenda, and consequently sterling is up across the board today, moving back to near the top of its recent trading ranges against a basket of currencies.

Eurozone inflation was also up, but the struggling Euro failed to gain any strength, giving us excellent rates for buying Euros.

Elsewhere, rates for sending money to Canada have dropped 2c after the Bank of Canada kept interest rates on hold at 1% but said that higher borrowing costs “may become appropriate”, giving strength to the Canadian Dollar as a potential safe haven curency.