Pound surges amid rate hike bets, now 19% stronger than rand over the past year | Business

📆 11-07-23 18:30:00
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Sterling rose to a 15-month high against the dollar on Tuesday after hot British labour data underscored market expectations of more interest rate rises from the Bank of England, and the greenback softened across the board. | News24_Business

The pound rose as high as $1.2913, its highest since April 2022, and was last trading just shy of that level, up 0.37%.

Current market pricing indicates roughly a further 125 basis points of rate hikes from the BOE, much more than for the Federal Reserve or European Central Bank. Tuesday data showed a key measure of British wages matched its highest growth rate on record, though the unemployment rate did rise unexpectedly.

She said while those further rate rises were already in the price, Tuesday's data had reinforced such views.

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