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Pound at seven-month dollar high Pound at seven-month dollar high
(about 11 hours later)
The pound has risen to a seven-month high against the dollar, as the greenback continues recent falls. The pound has risen to a seven-month high against the dollar, as the greenback continued recent falls.
In early Monday trading, one pound was worth $1.6288, its strongest position since early November last year. In Monday trading, one pound was worth $1.6433, its strongest position since early November last year.
The euro was also up against the dollar, with one euro worth $1.4197, a five-month high. The euro was also up against the dollar, with one euro worth $1.4246 at one point, a six-month high.
The dollar has fallen on signs the global economy is improving. This makes currency traders more confident to switch to higher-yielding currencies.The dollar has fallen on signs the global economy is improving. This makes currency traders more confident to switch to higher-yielding currencies.
This is the case for both the pound and the euro, as UK and eurozone interest rates remain higher than in the US.This is the case for both the pound and the euro, as UK and eurozone interest rates remain higher than in the US.
While US interest rates are currently between 0% and 0.25%, UK rates are at 0.5%, and the eurozone level is 1%.While US interest rates are currently between 0% and 0.25%, UK rates are at 0.5%, and the eurozone level is 1%.
The latest upbeat global economic data has come from both the European Union and China.The latest upbeat global economic data has come from both the European Union and China.
Manufacturing output across both the eurozone and China was better than expected in May.Manufacturing output across both the eurozone and China was better than expected in May.