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Pound hits 5-month high versus dollar
STERLING yesterday jumped to its highest level against the dollar so far this year, as optimism grew the UK may have seen the worst of its financial crisis.
Sterling climbed as high as $1.5438 yesterday, touching its strongest level since mid-December.
Traders said the dollar was suffering yesterday as US investors exited the currency to put their capital back into equities instead, in anticipation of a market recovery.
Sterling has suffered precipitous falls in recent months, driven by fears the UK’s levels of national debt may reach unmanageable levels.