Stacks of British pound are seen at a money changer booth at the financial district in Singapore on June 9, 2017. AFP / ROSLAN RAHMAN
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The British pound rebounded Tuesday from postelection lows as surging inflation sparked talk of possible interest rate hikes. In afternoon London deals, the pound climbed as high as $1.2738 following official data showing British Consumer Price Index inflation spiked to a near four-year peak of 2.9 percent in June.The Bank of England, led by governor Mark Carney and tasked with keeping inflation close to a 2 percent target, will announce its latest interest rate decision Thursday.Inflation unexpectedly hit 2.9 percent last month, which was the highest level since June 2013 .The pound tumbled Friday to a seven-week low at $1.2636 in the wake of the election result.
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