The pound hit its highest level since May 15 against the euro and recorded its daily high against the US dollar following a statement by a member of the Bank of England before the Treasury Committee of the Parliament during the Inflation Report hearing session that interest rates are expected to rise from 25-50 points Yearly over a three-year forecast period.
The Pound rallied today after concerns over the risks surrounds Brexit. The uncertainty of the Conservative Party's willingness to hold early parliamentary elections amid fears of a political impasse has increased.
Sterling is currently trading at 1.3445, near its lowest level since late December.
The dollar fell from a 5-month high to lose momentum after a strong rally driven by higher US bond yields and reduced trade tensions between the United States and China. The dollar index is currently trading at 93.53.
Oil prices continued to rise for the fourth week in a row, buoyed by concerns about lower Venezuelan production and a possible drop in Iranian oil exports, which could hurt global supplies. The United States withdrew from the Iranian nuclear deal recently and threatened to impose sanctions, while imposing new sanctions on Venezuela after the re-election of President Maduro.
US crude is trading at $ 72.60, its highest level since late 2014, while Brent crude is currently trading at $ 79.86 a barrel.
