Economic news

Pound soars to top since Brexit referendum in June 2016

The pound on Tuesday jumped to its top since the UK’s vote to depart from the European Union in summer 2016, supported by anticipations that the Bank of England will increases interest rates as soon as May and the country will avoid a hard Brexit.

Photo: Reuters

Broadly weaker greenback on uncertainty over further U.S. trade policy was also a factor.

The British currency rose 0.2 percent to $1.4369, leaping over a previous post-Brexit-vote peak hit in January. Seasonal influx from foreign businesses sending dividend payments to British shareholders has also underpinned the pound in April.

Versus the European single currency, the pound was unchanged at 86.33 pence, near 11-month peak.

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