The pound strengthened against the dollar and erased earlier losses against the euro after data showed that U.K. inflation accelerated in July and there were signs of further price pressures due to the weak currency. Consumer-price growth picked up to 0.6 percent from 0.5 percent in June, still well below the Bank of England’s 2 percent inflation target, which was last reached in December 2013. This is the first set of consumer-price data since the country’s decision to quit the European Union.

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