Pound to Dollar Rate Buoyed by BoE Comments - NewsBreak

The pound jumped to a two-week high against the dollar on Monday morning. Traders have been looking for signs that the Bank of England (BoE) will be prompted to raise interest rates due to inflationary pressures. Their heads were turned over the weekend when Michael Saunders – an external member of the central bank's Monetary Policy Committee – said he expects the cost of borrowing to rise "significantly earlier" than currently forecast. However, he did not signal that a rate hike – which would be the first since 2018 and would help steady inflation – is likely in November.