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Demand for Sterling weakened in the wake of the latest United Kingdom average weekly earnings data, which proved weaker than anticipated as growth slowed from 2.3% to 2.1% in the three months to April.

In midday London deals, the pound was higher at $1.2736 on official data showing British consumer inflation spiked to a near four-year peak of 2.9% in June.

United Kingdom workers' earnings after inflation fell at their fastest rate since 2014 in the three months to April, implying a squeeze on incomes and therefore on consumption and ultimately on economic growth.

This is because although raising interest rates would ordinarily be considered a sensible strategy to get inflation down - and inflation is now running at 2.9% which is considerably higher than the Bank of England's 2% inflation target - the economy is simply too fragile right now for Committee members to risk putting rates up.

Sterling hit a day's low against the dollar after the data, while British government bond prices rallied.

June's meeting will be Kristin Forbes' last.

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Sterling steadied around $1.27 on Tuesday after United Kingdom inflation numbers came in above forecast, further complicating an outlook that shows the economy slowing but prices rising much faster than the Bank of England's 2 percent target.

Inflation has been rising in recent months, driven by the drop in the pound since Britain voted past year to leave the European Union. Economists expect it to leave policy on hold but there is a slight possibility that the Bank might loosen conditions as it did after the Brexit vote last August.

The wage numbers jarred with the picture of strong jobs growth but appeared consistent with signs of rising underemployment, Tombs said.

The ONS said it had revised its data for wages to improve methodology for earnings from small businesses, resulting in lower estimates for wage levels but little change overall to growth rates.

Excluding bonuses, weekly earnings grew by just 1.7%, well below expectations of a 2.0% increase.

The Bank of England is widely expected to keep interest ratesat their record low of 0.25% when it makes its latest policy announcement later today.