A weakened dollar has led to a more valuable pound as officials at the US Federal reserve signal support for slowing interest rate rises.
Similar to the Fed, whose views were known through the release of meeting minutes, the interest rate-setting body for the Eurozone, the European Central Bank on Thursday released minutes of its meetings.
But contrary to the Fed, the ECB said it feared that inflation may be getting entrenched, records of their last policy meeting showed. As a result, rates would need to rise further, the accounts of the 26 and 27 October meeting showed. "It was also clear that rates would need to be raised further to reach a level that would deliver on the ECB's 2% medium-term target," the meeting notes showed.
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