Bank of America survey: The pound has become the most overvalued currency in nearly a decade

According to Bank of America's September Global Fund Manager Survey, the pound is considered the most valuable currency in nearly a decade. The survey results show that 12% of investors (a net proportion) now believe that the pound is overvalued, compared with a net 3% of investors who believe that the pound is undervalued a month ago. Valuation expectations have reversed significantly. This means that the current degree of overvaluation of the pound has reached the peak since December 2015. According to data from the London Stock Exchange Group (LSEG), the exchange rate of the pound against the dollar has risen by about 1% as of this month (the statistical period related to the survey); this year, the cumulative gain of the pound against the dollar has reached 9%.