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Sterling climbs for second straight session

Sterling climbs for second straight session

Sterling rose on Wednesday for the second consecutive day as the dollar fell against a basket of currencies, and following the Bank of England official's bullish remarks yesterday that underpinned the pound. 

GBP/USD last traded at 1.2537, up from the opening of 1.2492, with an intraday high at 1.2546, and a low at 1.2471. 

Sterling's rise today came as the dollar stopped rising against a basket of currencies, buoying the pound for the second session after tumbling at the start of yesterday's session before reversing higher. 

BoE's Forbes pointed to the strength of the British economy and improvement in inflation rates, which pave the way for a rate hike, in turn buoying the pound amid expectations of a rate hike soon and fo the central bank to trim its stimulus plans. 

Forbes also said some indicators point to higher inflation to come as crude and energy prices rose, while the BoE monitors Brexit negotiations with the European Union and its impact on the economy and financial markets.