Sterling rises to its highest level against the dollar for more than six weeks at more than $1.16
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Sterling rises to all-time high against the dollar for over six weeks at over $1.16
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The pound rose to its highest level against the dollar in more than six weeks as concerns about the strength of the US economy weighed on the greenback.
Boosting Rishi Sunak on his second day as prime minister, the pound hit $1.1638, its strongest point since Sept. 12.
The pound is up more than 10 percent since falling to $1.0386 under Sunak’s predecessor, Liz Truss, after last month’s mini-budget.
The final rally came as Sunak and Chancellor Jeremy Hunt pushed back the Halloween budget on October 31 to November 17, as they ponder how to balance the books. Financial markets have generally welcomed the appointments of Sunak and Hunt, giving sterling a boost in the process.
Much of the movement in the currency markets over the past few days, however, has been driven by the dollar, which is showing signs of weakness after surging this year.