“We have now shifted into a higher trading range against the dollar after finally breaking above $1.66,” comments Mark O’Sullivan, director of dealing at specialist foreign exchange provider Currencies Direct. “Sterling has been subdued by fears in the banking sector so far this year but these have been quelled by the strong numbers from Barclays and HSBC. “The pound is rallying on these releases, as confidence returns to the UK banking sector, and more good news is expected from Lloyds and RBS in the week. “The pound was also boosted by improved second quarter GDP data from the US. This helped comfort the markets, which weakened the dollar, and continued the equities’ bull-run,” continues O’Sullivan. “Sterling is a currency that reacts to hope and fear, and we are certainly in the land of hope and glory today!” By mid-morning sterling had pushed up to over 1.18 against the euro and just over 1.68 against the US dollar. Picture source Related articles:Increased bank lending is "irresponsible"Alistair Darling gives the banks a whipping
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.