The British pound crashed to a record low last fall as investors rebelled against budget plans by former Prime Minister Liz Truss. Now, it’s enjoying a comeback.
Sterling hit its highest level against the US dollar in 10 months on Tuesday, topping $1.25 for the first time since June 2022. The pound, which has advanced about 3.3% versus the greenback since the start of 2023, is the best-performing currency among developed economies this year. The UK currency has been boosted by indications the country’s economy is holding up better than expected. Activity is now thought to have expanded 0.
6% this year, while all other advanced economies would grow, if only slightly. “There was a lot of pessimism being priced into the pound,” said Francesco Pesole, a currency strategist at ING. But the sharp pullback in energy prices and China’s reopening have provided some relief about the economic outlook since the start of the year. “There was a big re-rating of growth expectations around Europe, and that impacted the UK,” Pesole said. The euro has also been lifted by these dynamics, rising 2.
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