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Pound falls as dollar rises on U.S. inflation
The British pound has declined against the dollar following US inflation data and expectations of an interest rate hike from the Bank of England, amidst shocking impacts from rising oil prices and escalating tensions in the Middle East. Meanwhile, the European Central Bank raised interest rates by 0.25%, amid persistent high inflation forecasts. US data showed annual inflation accelerating to 5.4% in August, adding pressure on monetary policies in the United States and Europe, and maintaining the dollar's strength against major currencies.
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