Sterling rose to its highest level against the dollar in more than six weeks to over $1.16

The pound rose to its highest level against the dollar in more than six weeks as concerns about the strength of the US economy weighed on the greenback.

Boosting Rishi Sunak on just his second day as prime minister, sterling hit $1.1638, its strongest since September 12.

The pound gained more than 10 percent after falling to $1.0386 following last month’s mini-budget under Sunac’s predecessor, Liz Truss.

The latest rally came as Sunak and Chancellor Jeremy Hunt moved the Halloween Budget, due on October 31, to November 17 while they consider how to balance the books. Financial markets generally welcomed the appointment of Sunak and Hunt, giving sterling a boost in the process.

However, much of the movement in currency markets in recent days has been driven by the dollar, which has risen sharply for most of this year, showing signs of weakness.