Sterling has reached its highest level against the US dollar since mid-August.
The pound has reached its highest level against the US dollar since former Prime Minister Liz Truss entered office at the end of August.
The move is partly due to fears for the US economy, prompting a fall in the dollar against most major currencies.It followed the release of new economic activity data, which was slightly stronger than expected. The purchasing managers index, which reflects the level of economic activity, fell in November at nearly its fastest pace in nearly two years. But the index was not as weak as economists had predicted, which helped to reassure investors.The pound was last over $1.20 in mid-August, before Ms Truss became prime minister.She resigned after just seven weeks, in the wake of a mini-Budget which spooked investors and prompted a spike in borrowing costs.
The pound hit a low of $1.035 in its aftermath, although its value had been falling prior to the economic statement in parliament - and it began to recover shortly afterwards.
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