Pound hits seven week high against the dollar
The British pound rose to a seven week high against a weaker US dollar following the US midterm elections. Traders are now awaiting an expected interest rate decision by the Bank of England.
Xurve View
Insights:
Xurve View
The British pound rose 0.63% to $1.3495 during Wednesday morning trading, hitting its highest level against the United States dollar since September 15. The move followed a weaker greenback driven by the Democratic Party sweeping control of both chambers of the U.S. Congress. GBP/USD gains also reflected strong market expectations of an interest rate increase by the Bank of England on Thursday.
