Sterling Jumps vs Euro on French Debt Concerns, BOE Rate Rise Bets
Dow Jones10-12 19:32
1132 GMT - Sterling rises to a 16-month high against the euro, extending its recent rally. Concerns about French debt are weighing on the euro while sterling is boosted by markets pricing a 90% chance the Bank of England will raise rates by 25 basis points in November, according to LSEG. However, any rate increase will likely prove to be a one-off insurance hike, Ebury's Enrique Diaz-Alvarez says in a note. The U.K. budget on October 28 remains a "critical risk" for sterling and U.K. government bonds given the renewed focus on fiscal sustainability among bond investors, he says. The euro falls to 0.8443 pounds, its lowest level since June 2025.
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