Forex

Sterling rallies to five-week high on UK rate hike prospects

2021-10-19 10:47:24 GMT (Economies.com)

Sterling rallied on Tuesday to five-week highs on Tuesday against dollar as the dollar declines against most currencies, and amid prospects of a UK rate hike soon.

 

GBP/USD rose 0.5% to 1.3792, the highest since September 17, with a session-low at 1.3717.

 

Sterling  lost 0.2% yesterday, the first loss in four days after a wave of strong gains.

 

The dollar index fell 0.4% on Tuesday for the fifth straight session, marking three-week lows at 93.57.

 

US 10-year treasury yields declined following disappointing US industrial production data in September.

 

UK rate hikes are expected to increase in the near term following bullish remarks by Bank of England governor Andrew Bailey, saying it's time to move against increasing inflationary pressures.

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