LONDON/SINGAPORE—The pound rose to a new 10-month high against the dollar on Tuesday, and the euro reached its highest in two months, as the greenback continued to be hurt by market bets that the end of the U.S. rate-hiking cycle is near.
Sterling reached $1.2475, its highest since June 2022, and was last just below that level, up 0.4 percent.
The euro reached $1.0938, its most since early February, and was last up 0.17 percent at $1.0921.
“We’ve been saying that FX hasn’t really captured what’s been happening in rates, and there is scope still for the dollar to weaken a bit further,” said Derek Halfpenny head of research for global markets at MUFG….