Sterling surges to year-high against euro

Sterling surges to year-high against euro

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Yesterday’s strong jobs data, combined with expectations of a December rate rise, have seen the pound soar to its highest level against the euro since February 2020.

This morning saw the pound up as much as 0.4% on the euro, trading at a new year-to-date high.

Data released yesterday showed unemployment in the UK dropped by 0.2% to 4.3%, confounding fears that the end of the furlough scheme would cause a rise in unemployment in the UK. 

Investors are still expecting the Bank of England to increase interest rates in December, despite its failure to do so earlier this month. BoE Governor Andrew Bailey said this week he was “very uneasy” about the surging inflation rate in the UK, describing the decision not to raise rates earlier this month as “a very close call”.

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