The pound pushed past $1.30 for the first time in eight months yesterday amid renewed faith in the UK economy and fears about Donald Trump’s leadership of the US.
It was as high as $1.3048, its strongest since September last year, before falling below $1.30 again.
It was boosted in part by UK retail sales shooting up 2.3 per cent in April, surpassing analysts’ expectations.
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US stocks have suffered their worst sell-off since June as doubts continue over Trump’s ability to deliver his campaign promises.