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Sterling rises to 10-week high against the dollar

UNITED KINGDOM (OBSERVATORY) –┬áThe pound rose to a fresh 10-week high against the dollar on Friday and came out of a six-month range against the euro, prompting investors not to exit European currency positions.

Against the euro, the pound was limited to between 86.5 pence and 90 pence per euro for almost six months, but the cautious tone of the ECB meeting minutes this week and the strengthening of expectations of the Bank of England’s interest rate hike in May pushed the British currency to the highest level In 11 months.

Against the euro, sterling rose 0.4 percent to 86.32 pence per euro, its highest level since late May 2017. On a weekly basis the pound is heading for its biggest gains since December 1.

The British currency has risen against the dollar to a new high since the vote on secession from the European Union, increasing 0.4 percent to 1.4296 dollars. In late January 2018, sterling hit its highest level since the 2016 referendum at $ 1.4346.