Pound soars to 8-month high on jobs figures

 

The pound was printing above $1.58 last night, having climbed from $1.49 since early in July.

 

The rise has been steady across the last eight weeks, yet was boosted yesterday by a 0.1 per cent fall in the UK’s unemployment rate to 7.7 per cent. A seven and a half month high was also reached against the euro, as sterling beat €1.19 in the day’s trading. 

 

The currency also struck a four-year high against the yen, while the trade-weighted sterling index rose to an eight-month high of 82.6, Bank of England data showed.

 

And CMC Markets Michael Hewson says there may be more to come. “I think it’ll go to $1.60 no question,” Hewson told City A.M., adding that a stronger pound could be a useful guard against inflation if oil prices rise even further.