Sterling climbs to highest since Brexit vote in June 2016

LONDON (Reuters) – Sterling on Tuesday soared to its highest level since Britain’s vote to leave the European Union in June 2016, boosted by expectations that the Bank of England will raise interest rates and Britain will avoid a disorderly Brexit.

British Pound Sterling banknotes are seen in a counter machine at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

Broad dollar weakness on uncertainty over U.S. trade policy was also a contributor.

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The pound gained 0.2 percent to $1.4369, beating a previous post-Brexit-vote high set in January. Seasonal inflows from foreign companies sending dividend payments to British shareholders has also supported sterling this month.

Against the euro, sterling traded flat at 86.33 pence per euro and close to 11-month highs.

(The story was corrected to change the day in the first paragraph)

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Reporting by Tommy Wilkes, Editing by Abhinav Ramnarayan

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