Economic news

Pound rises though forecast remains cloudy

The pound inched up on Tuesday while investors remained cautious ahead of a new Federal Reserve chief Jerome Powell's testimony to Congress later this day.

Photo: Reuters

The British currency rose 0.1 percent to $1.3978 in early London trading and about 2.5 percent away from a pre-Brexit referendum peak of $1.4346 touched late last month.

Versus the euro, the pound was virtually unchanged at 88.24 pence.

With anticipations of a May rate increase mostly priced into financial markets, the dollar’s condition has been the main driver in recent sterling price action with traders also wary of Brexit talks.

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