Sterling hits four-month high

11-07-2024 09:58 AM

Ammon News - Sterling rose to its highest in four months on Thursday, after data showed the UK economy grew more quickly than expected in May, which would lower the chances of an August rate cut.

Britain's economic output rose by 0.4% in May, faster than expected, data from the Office for National Statistics showed on Thursday.

A Reuters poll of economists had pointed to a 0.2% increase for monthly gross domestic product in May.

The pound rose by as much as 0.12% to $1.2865, the highest since March 8 . Against the euro , sterling also gained, firming 0.1% to sit at 84.21 pence to the common currency, its strongest since June 14.

Futures markets show traders attach a roughly 50/50 chance of the Bank of England cutting rates at its Aug 1 meeting.


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