The pound hit $1.24475 in early trading on Monday, its highest level since June 10, 2022. Moves were exacerbated by thin liquidity due to the Lunar New Year holidays in major financial centres such as Hong Kong and Singapore.
"Sterling continues to perform well and is holding onto the gains made last week on the back of high wage and core CPI readings," said Chris Turner, ING's global head of markets, in a note to clients on Monday.
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