Dollar Steady, Sterling Gains Post UK Inflation Data

Dollar Steady, Sterling Gains After UK Inflation Data

The drop in annual inflation from April's 2.3% to May’s target of 2% was expected and marked a significant decline from the 41-year high of 11.1% reached in October 2022. The U.S. dollar steadied on Wednesday after overnight losses, while sterling edged higher following the first return of U.K. inflation to the Bank of England’s (BoE) target in nearly three years.