Sterling rose to its highest level against the dollar in almost a year on Thursday after the UK economy grew more than expected in May while lower than forecast US inflation drove a broad retreat in the greenback.
The pound rose as high as $1.2947, the highest level since late July 2023, and was later trading up 0.5 per cent at $1.2907 after data showed the UK economy grew 0.4 per cent, having flatlined in April. The data comes as an early boost to the new Labour government, which has declared growth its “national mission”.
The British currency was also lifted by a broader decline in the dollar after US inflation came in below expectations in June at 3 per cent. That pushed the dollar down 0.6 per cent against a basket of six currencies.
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