Sterling beats the dollar and euro to become 'the best performing' currency
Sterling has become the best performing currency for the year to date out of the G10 group of major currencies, figures show. The pound gained 4.7 percent against a weaker dollar and ahead of an expected interest rate hike from the Bank of England (BoE) on Thursday (May 11).
G10 currencies, which are among the world's most popular, include the pound, US dollar, euro, Japanese yen, Australian dollar, New Zealand dollar, Canadian dollar, Swiss franc, Norwegian krone and Swedish krona.
Markets expect the BoE to raise base rate by 25 percentage points on Thursday, pushing the key rate up to 4.5 percent as the Bank battles to bring down Britain's double-digit inflation of 10.1 percent.
The decision will come with the BoE's quarterly Monetary Policy Report as well as the minutes of its rate-setting meeting.
Investors will be closely watching Thursday's press conference with Bank Governor Andrew Bailey for clues as to what the Bank will do next.
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