Sterling Surges as Markets Price in Bank of England Rate Hikes
The pound rose to its highest level since August 29 as markets priced in further Bank of England rate hikes.
The GBP/USD was up 0.07% at 1.3554, while EUR/USD was also 0.08% higher at 1.1639.
This increase comes despite a surge in oil prices and escalating Middle East tensions.
Investors expect at least two rate hikes by March next year, with about a 40% probability of a third.