2011-05-13bloomberg.com

``The pound gained versus the dollar and the euro after the Bank of England said it sees inflation "markedly higher" in the near term, boosting speculation that borrowing costs will rise from record low levels. Gilts slumped... "The reaction of the pound is predominantly due to the admission that inflation is going to hit 5 percent at some point this year," said Elizabeth Gregory, a Geneva-based market strategist at Swissquote Bank SA. ''



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