Weak dollar lifts sterling to October highs, Johnson’s woes ignored

Published by
Reuters UK

By Julien Ponthus (Reuters) – Sterling hit late October highs against a weakening dollar on Thursday as investors expect a February rate hike from the Bank of England to back the pound and saw limited political risks linked to Prime Minister Boris Johnson’s party scandal. The dollar lost ground against most rival currencies after data showed U.S. inflation was no hotter than expected in December which prompted traders to cut crowded long positions. In London morning trading, the pound reached a high of $1.3747, a level unseen since October 29 2021. Against the euro , the British currency stood…

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