World Economy

Sterling Near 7-Week High

Sterling Near 7-Week HighSterling Near 7-Week High

Sterling edged down against the dollar on Wednesday but stayed close to the seven-week high it had hit the previous day, as investors awaited testimony from the head of the Bank of England for clues on whether interest rates may be cut again, Reuters reported. The pound has gained more than 5% against the dollar since hitting a three-decade low in July. It surged by around 1% on Tuesday to hit $1.34, its highest since mid-July, after weak US data fed doubt that the Federal Reserve will raise US interest rates at all this year.