At 2.00 am ET Wednesday, the Office for National Statistics releases UK consumer and producer prices for April. Consumer price inflation is forecast to rise to 9.1 percent from 7 percent in March.

Ahead of the data, the pound rebounded from its early lows against its major counterparts.

The pound was worth 161.31 against the yen, 1.2488 against the franc, 0.8438 against the euro and 1.2413 against the greenback at 1:55 am ET.

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