The pound has reduced the rise in the slowing UK inflation

On Tuesday, the pound reduced gains against the dollar after data showed that inflation in the UK slowed in April for the first time since September 2015.
GBP/USD is trading at 1.4458 after approximately 1.4494 in anticipation of the report output.
The office of the National Statistics reported that the Consumer Price Index (CPI) in the UK rose in April to an annualized rate of 0.3%, slowing from 0.5% in March.
Economists expected inflation to remain stable at 0.5%.
Consumer prices rose in monthly basis by only 0.1% in April, slowing sharply from 0.4% in March, lower than expected growth of 0.3%.
Core CPI, which excludes food costs, energy, alcohol and tobacco, rose 1.2% last month, less than the forecast, which predicted growth of the index by 1.4%.
Weak data indicated that the Bank of England will not rush to increase the interest rate from its record low of 0.5%, where it remains for almost seven years.
In a separate report, the ONS reported that the house price index jumped in March by 9% on an annualized basis, the fastest pace in the past year.
Sterling strengthened against the euro, with EUR/GBP shedding 0.47% to 0.7824.