AlQa'dah 10, 1434, Sep 16, 2013, SPA --Sterling rose to an eight-month high against a weaker dollar on Monday after Lawrence Summers, perceived by the market as more likely to favour a quick scaling back of monetary stimulus, pulled out from the race to be the next Fed chief, Reuters reported. The pound was expected to stay strong on the back of recent solid UK data, which has caused investors to bring forward expectations of when the Bank of England will raise interest rates. Sterling rose to $1.5958, its strongest since mid-January, though traders expected it to run into offers ahead of a reported options barrier at $1.60. The euro was down 0.1 percent at 83.83 pence, having hit an eight-month low of 83.56 pence on Friday.
