LONDON, Jan 19 — Sterling held close to a 23-month high against the euro and edged up against the dollar after higher-than-expected British inflation data added to pressure on the Bank of England to raise interest rates next month.
The dollar was slightly lower, holding near a weekly high, after a surge in US yields resulted in sharp gains this week against the euro amid growing bets the Federal Reserve will raise rates. ING analysts said the inflation numbers, combined with better November activity data and better jobs data, suggested a 25bp hike by the Bank of England on February 3.
The pound rose 0.2 per cent against the dollar at US$1.3619 , after hitting its highest since November 1 last week at US$1.3749.“GBP-USD further receding from recent peaks above 1.37 suggests that upside potential for this pair may be constrained above that threshold,” Unicredit analysts said.
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