Dollar climbs to 11-week peak on rate hike bets; pound slides

The dollar hit an 11-week high on Tuesday as investors increased bets that the Federal Reserve would raise interest rates in December following a round of generally solid U.S. economic data over the last few weeks. Sterling continued its downward trek following a “flash crash” event last Friday, with investors concerned about the impact of a “hard exit” by Britain from the European Union. Over the past week, the British pound has lost more than four percent of its value against the dollar.

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