Investors and currency speculators have boosted bets on the pound as expectations grow that the Bank of England will be slower than other central banks to cut interest rates.
As markets brace for central banks’ final rate decisions of the year this week, overseas investors have been scooping up sterling at the fastest clip since the summer while price pressures remain higher in the UK than elsewhere.
Data from Citigroup, which trades 130 currencies with a presence in more than 60 countries, showed that asset managers had ramped up sterling purchases since the start of November, a move that analysts said was partly a reflection of expectations that the BoE would be forced to keep interest rates high well into next year.
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