Pound hits 10-year high after US midterms and BOE rate hike expectations

Briefing by News4U · First published 2026-11-05 11:51:15 UTC

The pound reached its strongest level since the 2016 Brexit vote on Wednesday, with the Bank of England’s sterling effective exchange rate index hitting 86.5372, up from 84.441 on 24 June 2016. The gain followed a weaker dollar after the US midterm elections and expectations that the Bank of England will raise interest rates for the first time in more than three years. [1] [2]

Sources

1. Pound Gauge Hits Strongest Since Brexit Vote on Likely BOE Hike

   Bloomberg · 2026-11-05 10:04:51 UTC · Summary only

2. Pound hits highest level since its crash after 2016 Brexit vote

   The Guardian · 2026-11-05 11:14:30 UTC · Full text

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