The pound has climbed to a 10-month high against the US dollar, as signs build that inflationary pressures in America are easing.
Sterling hit $1.2546 this morning, the highest since last June, as the dollar dropped on the foreign exchange markets on hopes that the USĀ Federal ReserveĀ could stop lifting interest rates soon.
The pound has staged quite a recovery since its nadir last September, whenĀ it fell to a record low against the dollar after the mini-budget fiasco. It picked up as Jeremy Hunt tore up much of his predecessor, Kwasi Kwartengās, plans for unfunded tax cuts last autumn.
