Wall Street

Pound reverses all damage done during Liz Truss premiership

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City AM

By Jack Barnett The pound has strengthened to its highest level against the US dollar in three months, reversing all the damage done to the currency since Liz Truss’s ill-fated premiership. Sterling today climbed 0.7 per cent against the greenback, hitting $1.21. A combination of the US Federal Reserve signalling it will slow its aggressive interest rate hike cycle and a near reversal of the whole mini-budget has pushed the pound higher. Last night, minutes from the Fed’s latest meeting revealed policy makers are likely to lift borrowing costs 50 basis points at the next federal open market co…

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