Sterling hit its highest level against the dollar since March 2022 on Tuesday as investors prepare for the US Federal Reserve to start lowering rates more quickly than the UK’s central bank.
The pound rose as much as 0.4 per to $1.3246 after the top central bankers set out differing outlooks for interest rates in the US and UK late last week. Sterling later fell back to trade up 0.2 per cent at $132.16, but the gains kept the currency on track for its best monthly performance against the dollar since November.
At a conference in the US, Fed chair Jay Powell said the “time has come” for US rate cuts, but Andrew Bailey, governor of the Bank of England, warned it was “too early to declare victory over inflation” in Britain.
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