Sterling hits 1-1/2 month high versus dollar

LONDON: Sterling rose to a 1-1/2 month high against the dollar and extended gains against the euro on Wednesday as investors gauged the Bank of England's forward guidance to be not as dovish as many had expected.

Sterling hit a high of $1.5493, its highest since June 21, as investors continued to bring forward expectations of when the Bank of England would raise rates, given the raft of good economic data in the past few weeks.

"The BoE's pre-commitment to keeping rates at a record low is not as conclusive as it first appeared," said Lena Komileva of G+ Economics.

The euro was down 0.7 percent at 86.04 pence.