BOE’s Inflation Pledge Helps Boost Pound After Bruising Year
- Bets on faster rate hikes sent the pound as high as $1.24
- BOE’s promise to act ‘forcefully’ on inflation sparks a rally
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The Bank of England’s pledge to get more aggressive on inflation is lifting the spirits of worn-down pound traders.
Sterling has recovered from a two-year low hit earlier this week. It was trading around $1.23 on Friday, trimming gains after posting its biggest one-day rally since March 2020 on Thursday.