The pound rose for the first time in four days as hedge funds and other large speculators cut their bets that the currency will fall for a second week before the Bank of England’s latest policy decision.
That’s the first back-to-back reduction in so-called net short positions in sterling since Britain voted to leave the European Union in June. The U.K. currency gained versus all except one of its 16 major peers before a report Tuesday that economists forecast will show annual consumer-price inflation accelerated in August from a year ago at the fastest pace since November 2014.
