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Sterling Consolidates Gains after Change of Finance Minister


Friday, 14 February 2020 16:17 WIB

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Sterling held to its recent jump on Friday as traders stuck with the view that the new British finance minister would unveil a more expansionary budget next month.

With growth weak in Britain, many economists and investors want to see the UK expand fiscal spending to help weather the impact of Britain's departure from the European Union at the end of last month.

On Thursday, Prime Minister Boris Johnson forced the resignation of finance minister Sajid Javid after the latter refused to sack his advisers.

The pound rose marginally on Friday to $1.3048, retaining most of its gains from Thursday's move. It had traded below $1.30 before news broke of Sunak's appointment. Against the euro the pound rose 0.1% to 82.995, close to a two-month high.

Source : Reuters


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