Sterling records biggest weekly gain in five months

The Sterling Pound rose today against the US Dollar and the Euro, to record its biggest weekly gain since May, with the US dollar's decline in addition to increasing expectations that the Bank of England will raise interest rates this year. The pound rose against the US dollar by 0.6% to $1.3759, and the pound rose against the single European currency by 0.6%, after rising to 84.275 pence per euro, its highest level since February 2020.

The Bank of England is expected to raise interest rates this year, Bank of England Governor Andrew Bailey stressed the need to prevent inflation from becoming a permanent part, and policy maker Michael Saunders said households should prepare for an early rate hike.