Sterling rises to its highest level against the dollar for more than six weeks at more than $1.16

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The pound climbed to its highest level against the dollar in more than six weeks as worries about the strength of the US economy weighed on the dollar.

In support of Rishi Sunak, on just his second day as prime minister, the pound sterling reached $1.1638, its strongest level since 12 September.

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The pound is up more than 10% since falling to $1.0386 after last month’s mini-budget under Sunak’s predecessor, Liz Truss.

The latest rally came when Sunak and Chancellor Jeremy Hunt pushed back the Halloween budget from October 31st to November 17th as they consider how to balance the books. Financial markets generally welcomed the appointment of Sunak and Hunt, which gave the pound a boost in the process.

However, much of the movement in the currency markets in recent days has been driven by the dollar, which has shown signs of weakness after rising for most of this year.

Credit: www.thisismoney.co.uk /

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