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The pound rose to its highest level in more than two years against the dollar after the Bank of England held interest rates steady and said it won’t rush to ease policy.

The currency strengthened as much as 0.8%, surpassing $1.33 for the first time since March 2022. Gilts slipped and money markets pared wagers on the extent of BOE interest-rate cuts this year, with 42 basis points of easing seen through December compared with 50 basis points before the decision.