The US Dollar dipped sharply after weaker-than-expected US inflation data while the Pound was underpinned by a boost to risk appetite and gains in equities. The Pound to Dollar (GBP/USD) exchange rate jumped to 3-month highs at 1.2845 before settling around 1.2830. US consumer prices were unchanged for May compared with consensus forecasts of a 0.1% increase with the year-on-year rate edging lower to 3.3% compared with expectations of an unchanged rate of 3.4%. Energy prices declined 2.0% for the month, although there was still a 3.7% annual increase. Core prices increased 0.2% on the month compared with forecasts of ... (full story)