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Sterling falls against strengthening dollar, back below $1.39

by capitalizefinancial
June 22, 2021
in Sports
0

Sterling falls below $1.39, hurt by Fed and UK retail sales miss | ZAWYA  MENA Edition

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, June 22 (Reuters) – Sterling fell back below $1.39 on Tuesday as the dollar picked up in early trading, but the British currency was still above the two-month lows it reached on Monday after the Fed’s hawkish shift.

The U.S. Federal Reserve surprised some market participants last week by signalling that it would raise interest rates and end emergency bond-buying sooner than expected – prompting the dollar to rise and riskier currencies to lose out.

The pound hit a two-month low of $1.37865 early on Monday, recovered later in the session, then dipped back down again on Tuesday, down 0.3% at $1.38965 at 0745 GMT.

Versus the euro, it was down 0.2% at 85.70 pence per euro, still trading within recent ranges.

Speculators increased their net long position on the pound versus the dollar in the week to June 15, CFTC data showed.

Investors are focused on the UK’s reopening plans, after the full easing of lockdown was delayed by a month due to the more infectious Delta variant of COVID-19.

British Health Minister Matt Hancock suggested on Tuesday that England’s lockdown could fully end as planned on July 19 because a recent rise in cases is not resulting in deaths.

 

 

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