Sterling hung close to the six-week peak reached on Tuesday after new British Prime Minister Rishi Sunak pledged to lead the country out of an economic crisis.
The dollar index – which measures the currency against six peers, including sterling, the euro and the yen – was little changed at 111.01, near the previous session’s trough of 110.75, the lowest level since October 5. “I’m still in two minds as to whether we can say we’ve seen a peak in the US dollar,” but “evidence of a slowdown is building,” said Ray Attrill, head of FX strategy at National Australia Bank.
That put particular pressure on the dollar versus the yen , due to its sensitivity to US rates, with the pair steady at 147.99 following a 0.7% slide from Tuesday. Sterling eased 0.21% to $1.1448, but was still close to Tuesday’s high of $1.1500, a level last seen on September 15.
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