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The British pound plummeted to a record low last fall due to concerns over budget plans by the former Prime Minister Liz Truss, causing chaos for investors. However, the pound is now making a strong comeback.
Sterling surged to its highest level against the US dollar in 10 months on Tuesday, exceeding $1.25 for the first time since June 2022. With the pound outperforming other developed economies this year, experiencing a growth of about 3.3% against the greenback since the beginning of 2023.
Investors are becoming increasingly confident in the UK economy, with recent data indicating that the economy performed better than initially predicted. After no growth in the previous estimate, there was a 0.1% expansion in the final quarter of last year. Januar’s Gross Domestic Product (GDP) registered a 0.3% growth after a 0.5% decline in December.
The Bank of England is expected to continue its aggressive interest rate adjustments despite global banking concerns. These rate hikes can attract foreign investors looking for higher returns, subsequently boosting the UK currency.
The surge in inflation to 10.4% in February underscores the need for consistent policies from the Bank of England.
The uncertainty in the UK economy came following budget proposals that led to a significant drop in the pound’s value. However, recent economic improvements, reassurances on economic growth, coupled with a decrease in energy prices have positively impacted the currency market.
The greenback’s decline amidst recession fears in the United States has also contributed to the pound’s recent rally, with the euro also benefiting from these dynamics.
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