The Actual News

Stay informed without the news wearing you out.

Pound hits highest level since its crash after 2016 Brexit vote

Pound hits highest level since its crash after 2016 Brexit vote

Also reported by BBC Business

Summary

The pound reached its strongest level against a basket of currencies since the Brexit referendum on Wednesday, according to Bank of England data. Its rise reflected a weaker US dollar after the midterm elections, recent gains against other currencies and expectations of a Bank of England interest-rate increase.

Key Facts

  • The Bank of England’s sterling effective exchange rate index reached 86.5372.
  • The index measures the pound against a basket of currencies, with 100 representing its value in January 2005.
  • The pound fell sharply after the 2016 Brexit vote, and the index later reached a low of 73.1 in March 2020.
  • The article said markets expected the Bank of England to raise interest rates on Thursday for the first time in more than three years.
  • On Thursday, sterling was flat against the US dollar at $1.3463 and slightly lower against the euro at €1.1985.
  • European stock markets rose on Thursday morning: the FTSE 100 and Germany’s Dax gained 0.6%, while France’s Cac 40 rose 0.8%.
Read the Full Article

This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.

Monday's biggest stories, one calm email.