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Pound jumps 1% vs dollar on rate hike prospects

Pound down 2% against dollar after BoE rate hike
Source: Pixabay

The pound leapt against the dollar Tuesday as UK jobs data cemented expectations of more interest rate rises from the Bank of England despite growing fears of recession.

Sterling rallied 1.2 percent to $1.2468 as traders bet that soaring inflation, lifted in part by wage rises, will see more monetary policy tightening by the BoE.

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Agence France-Presse (AFP) is a French state-owned international news agency based in Paris. It is the world's oldest news agency, having been founded in 1835 as Havas.

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