Pound hits highest level against dollar for a year

Kit Juckes, head of   currency  strategy  at Societe Generale, said he   did  not  believe  sterling's  recovery  would   last.
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   However, he added that   "there  is  a  lot  of  uncertainty in the   world"  and   that  there was stability with a new   British  government helping the   pound.
 
   A   stalemate  in  the  French  parliament  and   turmoil  in the US presidential   campaign,  with the attempted assassination of Republican candidate Donald Trump on Sunday,   as  well  as  doubts   about  President Joe   Biden's  ability  to   remain  in  office  for  another four   years,  have  increased  nervousness  in  global   markets. 
 
   On Wednesday, King Charles   outlined  Prime Minister Keir   Starmerand's  plans to revive the economy, with a focus on   implementing  new   housing  and infrastructure projects.
 
   Emma Wall, head of investment   research  and  analysis  at Hargreaves Lansdown, said:   "Inflation  is  on  track  -  and  if   we're  worried  about decimal   numbers,  marginally  low  -  along  with a   King's  Speech  full of ambitious reforms and   an  agenda.  High  growth  has caused the pound to   rebound.
 
   He  added that the key to sustaining the   recovery  will be   the  latest  economic   data  and the Bank of   England  interest  rate  decision   due  to  be  announced  on   August  1.

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