Sign in to your account

Sterling falls back from seven-month high hit in early trade

LONDON (Reuters) -Sterling retreated on Monday from a seven-month high against the dollar hit in Asian hours, having been helped last week by data showing the British economy was performing better than feared, which also drove expectations of more interest rate hikes.

The pound hit $1.24475 in early trade, its highest since June 10. Moves were exacerbated by thin liquidity due to the Lunar New Year holidays in major financial centres such as Hong Kong and Singapore.

The British currency was last down 0.32% at $1.2359, and lost more ground against the euro, which rose 0.5% to 88.05 pence.

Read Full Article

Other News