Pound up on rate hike talk
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The pound has firmed on talk that the Bank of England could spring another surprise interest rate rise on the market on Thursday, although the consensus view remains that the next move is most likely to be in November.
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The pound rose after news that UK producer prices rose sharply in January to levels not seen in nearly five years.
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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 ECB is likely to raise interest rates in a regular monthly policy meeting scheduled on Thursday. The key rate that is now at a historic low of 2% will probably be raised to combat inflationary pressures.
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The pound was supported by reported buying of the currency from the Middle East, which prompted what traders were active today to push it higher once it passed through the two dollar mark in early trading.
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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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Sterling bulked up some by the end of the session. Earlier the pound had been on the backfoot after softer than expected inflation numbers for August cemented expectations that the Bank of England's rate-setting Monetary Policy Committee may not raise the cost of borrowing too much further from its current 4.75 percent.
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The pound remained strong against the dollar after the latest Hometrack survey provided further evidence that higher interest rates are taking their toll on the housing market.
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The pound came off earlier highs but remained firm, rising above the 1.98 US dollar mark for the first time in 11 days, supported by positive merger and acquisition talk, as well as the dollar&#39;s weakness.
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The pound shoots above $2 - close to 26-year highs - in early trade in Europe as investors price in an interest rate rise in July.
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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 rose as the prospect of lower borrowing costs any time soon dissipated after official figures showed the economy growing above its long-term average during the fourth quarter and revealed rate-setters failed to discuss the possibility of lower rates at their last meeting.
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The pound has risen to a six-week high against the dollar following stronger-than-expected economic growth data.
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LONDON : The pound was higher against the dollar after the minutes of the Bank of England&#39;s (BoE) last rate setting deliberations revealed a dovish stance.
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The pound has made slight gains against the dollar on the back of yesterday's release of Bank of England minutes which suggested a further hike in interest rates is unlikely.
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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 UK pound climbs past the $2.10 level against the US dollar, the highest it has been in 26 years.