(Reuters) – Sterling rose to a more than two-year high versus the dollar on Friday, as investors took comfort from signs of strength in the British economy at a time when the United States is expected to soon embark on a series of interest rate cuts.

Britain’s pound rose 0.48% to $1.3160, touching its highest since April 2022. It surpassed a previous 13-month high of $1.3144.

The pound’s rise marks a turnaround for a currency that in 2022 sank to record lows following the UK’s mini-budget crisis.