Pound Hits Two-Year High Against US Dollar

The pound has reached a two-year high against the U.S. dollar amid expectations of a more cautious monetary policy by the Bank of England compared to the Federal Reserve. Tuesday saw sterling peak at $1.3246 in the highest climb since March 2022. The two-and-a-half-year high stabilised around this value at the beginning of trading on Wednesday. The dollar has been under pressure, following comments by the Federal Reserve Chair Jerome Powell at the Kansas City Fed’s annual economic conference in Jackson Hole on August 23. Powell signalled that he will cut interest rates at the central bank’s next meeting in September....