Wall Street banks are betting that sterling will extend a winning run that has carried it to its strongest level since the 2016 Brexit referendum, as a resilient economy and hopes for political stability buoy the currency.
The pound has been the best-performing major developed market currency this year, climbing 1.7 per cent against a strong dollar to $1.29 and nearly 3 per cent against the euro.
The gains have been fuelled by better than expected growth and stubborn inflation, which are likely to keep the Bank of England from cutting interest rates aggressively this year. Labour’s resounding election victory has also raised optimism among investors of an end to a period of volatile politics that frequently buffeted sterling.
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