While the pound fell after UK inflation data showed the global rate slowing to its lowest level in more than two years, the dollar held steady against the other major currencies on Wednesday.

The dollar index that follows the US currency against six other currencies was up 0.1% to 102.26, helped in part by the fall in the pound sterling, down 0.5% to $1.26620. The dollar fell 0.3% against the yen, to 143,415, a day after the Bank of Japan maintained its ultra-free monetary policy and chose to wait for more evidence to justify

After official data showed that UK inflation fell in November and was well below expectations, the pound sterling was the biggest move among the major currencies. This prompted markets to advance bets on when the Bank of England will cut interest rates