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Sterling buoyed by report on Irish border progress, BoE GDP forecast


Thursday, 13 September 2018 23:38 WIB

poundPoundsterling


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Sterling extended its earlier gains to move above $1.31 on Thursday after a media report that Britain and the European Union had made progress on the Irish border question, a major hurdle to agreeing a Brexit deal.

The pound, already up after disappointing U.S. inflation data hurt the dollar, extended its gains to hit as high as $1.3124, its strongest since Aug. 2 after the Bloomberg report, analysts said.

Against the euro, sterling fell 0.1 percent against a broadly stronger single currency to 89.14 pence.

Sterling was also helped on Thursday by the Bank of England raising its forecast for third-quarter GDP growth, to 0.5 percent from 0.4 percent.

Reuters


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