Sterling recorded a new high in seven and a half years

Sterling recorded a new high in seven and a half years

19/07/2015 12:53 GMT

Sterling recorded a new high in seven and a half yearsAgencies – pound log sterling a new high in seven and a half years against a basket of major currencies yesterday, after Mark Carney Governor of the Central Bank of England pointed out that an increase in British interest rates may come before the end of this year, or early next year.
The market interpreted the comments as Carney suggests that the increase of the interest may come either in November or February, when the Bank publishes its quarterly report on inflation.

The pound rose to its highest level in more than seven and a half years against the euro in the wake of comments Carney with trading at 69.420 pence by 15:30 GMT.

The US currency rose against the pound 0.2%, to $ 1.5634 after having traded earlier in the session at the highest level of $ 1.5673.

According to Reuters pound index – which measures the value of the British currency against a basket of major currencies – it rose to 94.5, the highest level since March 2008, heading to record seventh consecutive week of gains in the longest chain rise since January 2010.

Lee said Hardman, currency analyst at “BTM U”, Carney’s comments “have increased the possibilities that the Bank of England may start raising interest rates before the end of the year.”

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