Pound Hits Highest Since June, Euro up as Dollar Under Pressure

Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound, and Chinese 100 yuan banknotes are seen in this picture illustration on Jan. 21, 2016. Jason Lee/Illustration/Reuters

LONDON/SINGAPORE—The pound rose to a new 10-month high against the dollar on Tuesday, and the euro reached its highest in two months, as the greenback continued to be hurt by market bets that the end of the U.S. rate-hiking cycle is near.

Sterling reached $1.2475, its highest since June 2022, and was last just below that level, up 0.4 percent.