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LONDON/NEW YORK, Aug 27 - Sterling climbed to its highest against the U.S. dollar in more than two years on Tuesday, while the greenback slipped broadly after gains the previous session, as investors await key economic data this week and next.
Sterling has been one beneficiary of the weakness in the U.S. currency, and on Tuesday the pound hit its highest since March 2022 at $1.3246. It was last up 0.3% at $1.3226. The pound got support from the contrast between Friday's remarks by Fed Chair Jerome Powell, which underscored market pricing for meaningful U.S. rate cuts starting next month, and the more cautious comments of Bank of England Governor Andrew Bailey.
Oil prices also paused recent advances to trade in a range on Tuesday, after a surge of more than 7% in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oilfields.
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