Monday 19 April 2021 9:07 pm

Sterling rises to highest levels for a month

The pound rose to its highest levels against the dollar for a month as the UK’s recovery from the Covid-19 downturn continues.

Sterling was up 1.1 per cent at $1.39 as of 9:00pm, the highest it has traded against the greenback since mid-March.

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Against the Euro, it was 0.7 per cent higher at €0.86.

The climb come ahead of week of data that will give analysts and traders a good sense of how the UK economy’s recovery from the pandemic is coming along.

Sterling got a helping hand from a sudden plunge in the dollar, as Connor Campbell of Spreadex explained:

“The greenback is having a minor tantrum over the Federal Reserve’s insistence that rising inflation will only be temporary, and therefore that the central bank won’t be taking any action to combat it.”

However, as a result of the increase, the FTSE 100 closed on the edge of dropping back below the 7,000 point mark.

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