Sterling builds on gains as dollar extends sell-off

Friday, 16 February 2018 00:10 WIB



Sterling gained for the fourth day on the trot against the dollar on Thursday, briefly touching $1.41 on the back of a broadly weakened U.S. currency, with traders eyeing earnings data next week to give the pound fresh momentum.

The pound has rallied in 2018 on the back of optimism Britain could secure itself a transition deal for when it leaves the European Union next year and better than expected economic performance.

Expectations the Bank of England will need to hike interest rates more than previously expected were also confirmed by the central bank’s governor Mark Carney last week.

A bounce in the dollar since early February has crimped sterling’s run, but the pound found its feet again on Thursday as investors sold the U.S. currency.

The pound gained as much as 0.7 percent to trade at a day’s high of $1.4100, its best level since Feb. 5, and stood at $1.4063 at 1520 GMT.

Against the euro, the pound was up 0.2 percent to 88.66 pence per euro.

Source: Reuters


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