LONDON (Reuters) – Sterling hit a day’s high against the dollar on Thursday as the dollar fell broadly, with traders citing a CNBC report that U.S. President Donald Trump’s administration was assessing new ways to go after countries that try to weaken their currencies.
Sterling, which was already up on the day as investors bought back into the currency after Britain lodged its formal request to leave the European Union, benefited from the greenback’s weakness.
It climbed almost half a cent after the CNBC report was published to hit a day’s high of $1.2526 <GBP=D3>, up 0.7 percent on the day.
It also extended gains against the euro to hit a four-week high of 85.765 pence <EURGBP=D4>.
(Reporting by Jemima Kelly, Patrick Graham and Ritvik Carvalho)