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  • Country Hong Kong

    Reopening Optimism to Drive GBP Higher


    Britain’s pound held in a tight range on Monday, trading just shy of US$1.42 as analysts set their eyes on an address by four policymakers from the Bank of England to a parliamentary sub-committee, Reuters reports.

    Gains in recent weeks have brought the pound back within touching distance of a nearly three-year high of US$1.4240 against the US dollar, a level it hit in February this year.

    By 0800 GMT, sterling was 0.1 percent higher on the day at US$1.4167 and flat to the euro at 86.08 pence.

    “GBP is holding onto recent gains well. Recent reports suggest vaccines are effective on the Indian variant and that the UK economy is still on track for a full re-opening on June 21st,” said ING in a note to clients.

    Source: The Standard