Euro, sterling knocked by growth worries and UK inflation at new 40-year high

LONDON, June 22 — The euro and sterling fell today as investors turned to the safe haven dollar as part of a move away from riskier assets which also saw a stock market rally fizzle out, and after data showed British consumer price inflation hit a new 40-year high.

Sterling was down 0.8 per cent at US$1.2198 , touching its lowest level in almost a week, after British consumer prices rose to 9.1 per cent last month, the highest rate out of the Group of Seven countries, underlining the severity of the cost-of-living crunch. Analysts see no immediate end to a sell-off that has seen the yen weaken 18 per cent this year from 115.08 at the end of 2021.

The Bank of Japan last week maintained ultra-low interest rates and vowed to defend its policy of yield curve control , which effectively caps the yield on the 10-year Japanese government bond at 0.25 per cent.

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