Bank of America survey: The British pound is the most overvalued currency in nearly a decade

The Bank of America's September Global Fund Manager Survey shows that the British pound is considered the most overvalued currency in nearly a decade. The survey results indicate that currently, 12% of investors believe the pound is overvalued, whereas a month ago, a net 3% of investors thought the pound was undervalued, marking a significant reversal in valuation expectations. This means that the current level of overvaluation of the pound has reached its peak since December 2015. Data from the London Stock Exchange Group shows that as of this month, the exchange rate of the pound against the dollar has risen by about 1%; year-to-date, the cumulative increase of the pound against the dollar has reached 9%