Sterling headed for its biggest one-week rally against the dollar in six months on Friday, as U.S. interest rates looked increasingly likely to plateau sooner than UK rates.
With the all-important monthly U.S. employment report due later in the day, activity in the currency market was subdued.
The main driver has been a redirection of investor capital out of the safe-haven dollar, now that lawmakers in Washington have passed a bill that would suspend the U.S. government's borrowing limit. Meanwhile, as UK inflation remains stubbornly high, traders have reassessed the outlook for monetary policy in Britain too.
The premium of UK 10-year gilt yields over those for 10-year Treasuries has widened this week to its largest since early 2009.
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