Pound hits six-month high versus dollar

The British pound rose to its highest level in six months against the dollar, reaching 1.3661 USD, supported by a decline in the US currency following a move by the US Treasury Department to increase buybacks of long-term bonds. This led to a drop in the 30-year bond yields and a 0.2% decrease in the dollar index. The pound also benefited from rising inflation in the UK, reaching its highest level in four months, amid expectations that the Bank of England will continue to raise interest rates despite a slowdown in the labor market. Investors remain watchful of monetary developments in both Britain and the United States to gauge the direction of currencies.

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