Pound Strongest Since ’08 Luring Bulls Like No Other
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Britain’s pound is the most coveted currency among traders, who are betting a rally that pushed it to the strongest level since 2008 is just getting started.
Hedge funds and other large speculators are more bullish on sterling than any other major currency, according to JPMorgan Chase & Co. analysis of data from the Commodity Futures Trading Commission in Washington. The pound climbed above $1.70 last week for the first time since August 2009 as the Bank of England hinted it may raise interest rates sooner than traders expect. Strategists from Commerzbank AG to Wells Fargo & Co. boosted their forecasts in anticipation of further gains.