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At 4.30 am ET Wednesday, the Office for National Statistics releases UK inflation and producer prices for September. Inflation is expected to rise slightly to 1.8 percent from 1.7 percent in August.
Ahead of these data, the pound dropped against its major counterparts.
The pound was worth 138.36 against the yen, 1.2700 against the franc, 1.2734 against the greenback and 0.8663 against the euro at 4:25 am ET.
