Economic news

Pound set for second best week of 2018 on comments from BoE

The pound surged on Friday, on track for its second best week of 2018 on rising hopes for a Brexit agreements and comments from the Bank of England that if the departure from the European Union is favorable more interest rate increases could be in the future.

Photo: Reuters

The British currency inched up 0.3 percent to $1.3037, its top since Oct. 23. It lost 0.1 percent versus the euro but stayed not far off two-week peak following Thursday’s large jump.

Sterling suffered its best session of the year the day before on prospects that a Brexit agreement will be reached until the end of November.

Sterling investors are not fully pricing in a full 25 basis point rate increase from current levels of 0.75 percent next year, however, stressing concerns about the UK's government ability to clinch a favorable Brexit deal.


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