Reuters
The British pound hit its highest level against the dollar in eight weeks on Wednesday as worries about the health of the global financial system continued to ease. The pound's risk-sensitive nature means it was "supported by the rebound in risk appetite amidst cooling concerns about the banking sector turmoil", according to George Vessey, FX and macro strategist at Convera. Markets have been volatile in March following the collapse of U.S. tech lender Silicon Valley Bank (SVB) and the emergency takeover of Credit Suisse by banking rival UBS, raising fears of systemic stress that could lead to more bank failures.