Summary
The pound reached its strongest level against a basket of currencies since the Brexit referendum on Wednesday, according to Bank of England data. Its rise reflected a weaker US dollar after the midterm elections, recent gains against other currencies and expectations of a Bank of England interest-rate increase.Key Facts
- The Bank of England’s sterling effective exchange rate index reached 86.5372.
- The index measures the pound against a basket of currencies, with 100 representing its value in January 2005.
- The pound fell sharply after the 2016 Brexit vote, and the index later reached a low of 73.1 in March 2020.
- The article said markets expected the Bank of England to raise interest rates on Thursday for the first time in more than three years.
- On Thursday, sterling was flat against the US dollar at $1.3463 and slightly lower against the euro at €1.1985.
- European stock markets rose on Thursday morning: the FTSE 100 and Germany’s Dax gained 0.6%, while France’s Cac 40 rose 0.8%.
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