Sterling rose against a weakening dollar after the Federal Reserve cut interest rates by 50 basis points, with investors awaiting the outcome of the Bank of England policy meeting on Thursday expected to keep borrowing costs on hold.

The U.K. pound is up 0.7% to $1.3307, its highest level against the U.S. dollar since March 2022, as traders react to news that the Bank of England left its main bank rate unchanged at 5%.

Stay informed on the latest Bank of England decision to maintain interest rates at 5% and reduce government bond stock, impacting the economy.