Pound benefits from prospect of interest rate rise
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The pound continued to benefit Thursday from the prospect of higher interest rates in the UK, as Wednesday&#39;s hawkish minutes to the Bank of England&#39;s latest rate-setting meeting made the market increasingly confident of rates rising to 6 percent.
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Sterling rose to its highest level since July against the dollar.
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European interest rates were on the rise yesterday after the Bank of England announced another increase in borrowing costs and the European Central Bank signalled that eurozone rates were likely to go up in September.
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The pound rose against the dollar and was steady despite further evidence of slowing consumer credit and mortgage lending emerging in Britain, adding to the argument that interest rates have hit a peak.
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The pound firmed Tuesday as an upbeat speech from Bank of England rate setter Kate Barker and the recovery in global equity markets offset a weak UK manufacturing survey.
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Bank of England policymakers are forecast to hold British interest rates at 4.75 percent on Thursday, but all eyes will be on a possible increase in November, according to analysts.
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The Bank of England&#39;s rate rise on Thursday - a quarter of a percentage point to a six-year high of 5.75 per cent - may have been predictable, but it will give consumers pause for thought. The European Central Bank meanwhile kept rates steady at 4 per cent, but signalled that markets can expect a rise later this year. Despite some doubts over the future direction of UK and European inflation, the decisions were correct, albeit a month too late in the case of the BoE.
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The pound remained buoyed by last week's surprise quarter point rate hike to 4.75 percent from the Bank of England.
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Business & money: City expectations of a fresh rise in interest rates this week push sterling close to highest level against US currency in more than a quarter of a century.
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The Bank of England's Monetary Policy Committee is tipped to put up interest rates to 5.75%.
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Bank of England expected to push rates up to 5.75%.
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The pound has risen, hitting new 10-month highs against the euro, on continued expectations that the Bank of England will raise interest rates further in November.
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The pound was up against major currencies in early trading on Monday, as all eyes remained firmly on the upcoming Bank of England rate decision.
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The pound gained some support Friday after manufacturing PMI data for the UK beat expectations with a rise to 54.9, from April&#39;s revised 54.1, sources said.
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Sterling has risen to an eight-day high against the euro after a stronger than expected employment report raised expectations that the Bank of England (BoE) will be forced to raise interest rates to keep a stranglehold on inflation.
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The pound surged to another 26-year high against the US dollar on Wednesday, the eve of a widely expected interest rate hike from the Bank of England, dealers said.
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The pound was strong, reaching 10-day highs against the dollar, after another set of firm UK data strengthened expectations that the Bank of England will raise interest rates again this year, probably in November.