Pound hits 10-year high as BOE expected to raise rates

Briefing by News4U · First published 2026-11-05 15:21:15 UTC

The Bank of England reported that the pound’s sterling effective exchange rate index reached 86.5372 on Wednesday, its highest level since 23 June 2016, the day of the Brexit referendum. The index stood at 84.441 on 24 June 2016 and fell to a low of 73.1 in March 2020. Sterling rose after the US dollar weakened following the Democrats’ midterm election victory and amid expectations that the Bank will raise interest rates for the first time in more than three years. On Thursday the pound traded flat at $1.3463 and €1.1985. [1] [2] [3]

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

3. Sterling at highest level since Brexit vote in 2016

   RTÉ Business · 2026-11-05 14:21:12 UTC · Full text

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