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Sterling heads to six-week trough as dollar climbs

Sterling wobbled near six week trough on Friday amid a broadly stronger dollar and weak economic data. The British currency was virtually unchanged versus the greenback at $1.4004 and versus the euro at 0.8739.

Photo: Reuters

The pound had dropped 0.7 percent against the dollar to $1.3982 in the previous session touching its trough since March 19.

Since the UK agreed with the EU on terms of a transition deal, concerns about Brexit have eased and investors focused on disappointing economic data ahead of an expected interest rate increase in May.

The pound's four-day gain finished on Thursday as the U.S. currency climbed to a two-week peak versus a basket of major currencies, underpinned by signs the going to resolve a trade conflict with China.

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