September 15, 2017 / 7:40 AM / in 9 months

Sterling hits 14-month high, heads for best week in 8 years

LONDON, Sept 15 (Reuters) - Britain’s pound hit a 14-month high against the dollar on Friday and was heading for its best week in more than eight years on a trade-weighted basis, with traders ratcheting up bets on a near-term interest rate hike from the Bank of England.

Sterling recorded its best day against the dollar since April on Thursday, after the BoE warned it might raise interest rates for the first time in more than a decade in the “coming months”.

It built on those gains on Friday, rising almost half a percent in morning trade in London to $1.3450, its highest level since mid-July 2016.

Against the euro, it gained 0.3 percent to 88.75 pence . It rose to 77.7 on the Bank of England’s trade-weighted sterling index, leaving it up more than 2.6 percent on the week and on track for its best week since June 2009.

Reporting by Ritvik Carvalho; Editing by Jemima Kelly

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