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Sterling soars on rate rise prospect

The pound rose to a seven-month high against the US dollar yesterday as investors bet on an early rise in UK interest rates. The rally came as the Office for National Statistics said retail sales rose by 0.6% in the three months from March to May – the 27th increase in a row. The upbeat data came a day after the ONS said wages are climbing at the fastest rate for six years. Chris Williamson, chief economist at Markit, said the latest data adds to the likelihood of interest rates rising later this year rather being delayed until 2016.

 

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