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Pound touches 10-week top against dollar, 11-month high vs. euro

The pound jumped to a fresh 10-week peak versus the dollar on Friday and scaled to an 11-month top versus the euro, stimulating traders to unwind their long euro positions.

Photo: Reuters

The British currency headed towards a fresh post-Brexit vote top against the greenback, climbing 0.4 percent to $1.4296. Versus the euro, the pound soared 0.4 percent to 86.32 pence, its top since late May 2017.

Against the single currency, sterling has traded in a 86.5 pence to 90 pence per euro range for almost half-year, but cautious statements from the European Central Bank officials this week and firm anticipations of a rate increases from the Bank of England in May lifted the British currency to an 11-month peak.

Anticipations of a rate increase have been a major driver of pound’s surge in recent sessions while top ECB policymakers’ statements and some sluggish data dragged down the euro.



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