April 11, 2018 / 9:37 AM / 10 months ago

Sterling trade-weighted index hits highest since Brexit referendum vote

FILE PHOTO: British Pound Sterling banknotes are seen at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

LONDON (Reuters) - A central bank index of the British pound on a trade-weighted basis rose to its highest since the month of the Brexit referendum vote in June, 2016, data published on Wednesday showed.

A confluence of factors including growing expectations of a rate hike next month and a favourable transition deal secured by Prime Minister Theresa May last month has prompted investors to load up on the British currency in recent weeks, especially against a listless euro and a struggling dollar.

The sterling trade-weighted index GBPTWI=BOEL rose to 80.43, its highest since June 30, 2016 and is up nearly 3 percent since early March.

A referendum to leave the European Union took place on June 23, 2016, sending sterling hurtling downwards.

Reporting by Saikat Chatterjee; Editing by Tommy Wilkes

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