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Sterling rises against weaker Dollar

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The Pound rose against the Dollar on Friday as most major currencies fought back against the strong greenback.


At the end of a week during which Queen Elizabeth II passed away, Britain welcomed a new Prime Minister and the Pound dropped to a 35-year low, the currency rose over 1% to $1.1646, its highest so far in September, and at the time of writing stood at $1.622.


Against the Euro, the Pound’s moves were more subdued, with the single currency marginally lower at 86.77 pence, Reuters reports.


“Today it's a Dollar story, and we are seeing the pound trade in line with that broader theme…" said Simon Harvey, head of FX analysis at Monex Europe.


The Euro rose around 1% against the Dollar to a three-week high. The Japanese yen, Swiss Franc, Australian Dollar and Canadian Dollar also registered major gains against USD.


Both the Yen and Euro have registered multi-year lows against the Dollar this week, with the Pound falling to a low of $1.1407 on Wednesday, a low not seen since 1985.


“We’re finally seeing central banks pushing back against this stronger Dollar narrative, and we’re starting to see fiscal authorities responding to the causes of it especially in Europe," Harvey added.


He indicated a stronger fixing for the Yuan earlier on Friday, a more aggressive stance from Japan’s central bank on the Yen’s recent decline, further fiscal support in Europe and the 75-basis point hike by the European Central Bank on Thursday.


Elsewhere, the Australian Dollar was on course for its largest daily gain, with a 1.8% rise on the Dollar at $0.68730.

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.