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Markets

British pound extends recovery with 1% dollar gain

Published October 26, 2022 Updated October 26, 2022 02:46pm
Photo: REUTERS
Photo: REUTERS
By

LONDON: The pound recovered further Wednesday, jumping more than one percent against the dollar, as markets welcomed the appointment of Rishi Sunak as UK prime minister.

Pound rallies ahead of new finance minister’s plans; yen wobbles

Sterling rallied to $1.1598, while the US currency also slid against the euro as the European Central Bank prepares to announce a big interest rate hike on Thursday.

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