The British pound sterling hit its highest value against the American currency since April last year on Monday, as investors braced for key data releases this week, which could point to the direction of the Bank of England's monetary policy going forward.
This increase in value was seemingly driven by growing concerns that the policymakers might further raise interest rates next month as Bank of England (BoE) Governor Andrew Bailey previously remarked that the annual inflation rate in Britain is "unacceptably" high. On July 11, the Office for National Statistics will post its report on the unemployment rate in Britain.
The pound added 0.23% versus the dollar, trading at $1.28667 at 9:39 pm CET.
