Pound That’s ‘Cheap as Chips’ Extends Rally to Erase 2020 Losses
- Currency rises in the longest winning run since end of July
- Dollar’s decline is the main driver of the pound’s move
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The pound erased this year’s drop against the dollar, catching up with some Group-of-10 currencies that made the move months ago.
The currency rose as much as 0.2% to $1.3267, extending gains after inflation in July was faster than anticipated. The rally, however, is mostly driven by the greenback’s drop. The Bloomberg Dollar Spot Index has fallen every month since the end of March.