Pound hits new highs against euro and dollar

STERLING continued its rise against the dollar and euro last night as it became the best-performing currency among the G10 group of rich nations this year.

The pound rose above $1.43 for only the second time since it plunged following the Brexit vote in 2016, and reached an 11-month high of nearly €1.16.

David Madden, an analyst at trading firm CMC Markets, said: ‘Sterling has been climbing for over a year, and the trend isn’t showing signs of changing.’

It has been boosted by continued growth in the economy and record levels of employment. Investors in Britain and overseas have also been encouraged by progress in Brexit negotiations.

Sterling has now risen more than 6 per cent against the dollar so far this year – making it the best performer in the G10, which includes leading European economies such as Germany and France as well as the US, Canada and Japan.