News

Sterling Eases vs. Dollar, UK Reopening Eyed

0

LONDON, June 8 Reuters Sterling eased against a broadly stronger dollar on Tuesday, with no significant data releases on the economic calendar leaving analysts focused on the British governments forthcoming decision on fully reopening the economy.

The pound has been trading in a consolidation pattern against the dollar for three weeks now, largely caught between the 1.4142 range. Analysts say its recent movements have been largely dollardriven, as strong incoming U.S. economic data leaves investors skittish about potential tightening from the Federal Reserve.

By 0817 GMT, sterling was 0.3 lower to the dollar at 1.4135. Against the euro it was 0.2 lower at 86.10 pence.

Sterling is the second bestperforming G10 currency against the dollar this year, lagging only the commoditydriven Canadian dollar, and has been propelled by bets on a faster reopening of Britains economy on the back of its vaccination programme.

Those hopes have faded somewhat in recent weeks however, as rising cases of the Delta variant of COVID19 first detected in India have led to calls from some scientists to push back the reopening date.

Health minister Matt Hancock said on Sunday it was too soon to say whether the June 21 plan could go ahead.

There arent really any marketmoving data releases this week in the UK, and expectations ahead of the Governments announcement on 14 June on whether to go ahead with further easing of Covid19 restrictions on 21 June may remain the main theme to follow,…

SP Closes Essentially Flat as Investors Wait for a Catalyst

Previous article

BoE Launches Climate Stress Test for Banks and Insurers

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News