Pound nears one-year high against euro, defying Middle East tensions
Markets expect UK interest rates to stay higher for longer, helping keep sterling close to its strongest level against the euro in more than a year. The pound traded at 85.28 pence per euro and $1.3391 on Wednesday as investors watched Middle East tensions and next week's UK-EU summit. Traders are also waiting for Labour's expected leadership change and a new finance minister.
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