Pound Nears Multi-Year Highs as Traders Turn Bullish on Currency
- BOE seen lagging ECB, other central banks in cutting rates
- Hedge funds are now positive on pound, reversing bearish bets
The pound is on course for its best month against the dollar since November.
Photographer: Miles Willis/BloombergThis article is for subscribers only.
The pound is nearing its strongest level in years against two of its major counterparts as traders ratchet up bets that the Bank of England will keep interest rates on hold for longer than peers.
The British currency is inching toward a 16-year high against Japan’s yen, and is close to its strongest against the euro since August 2022. The currency is also about 1% away from hitting a 10-month high versus the dollar.