Sterling holds ground as Britain eases lockdown
The pound has gained against the dollar for two weeks straight and consolidated near the $1.41 mark this morning.
It comes as Britain lifted several restrictions and made a huge leap towards reopening the economy. The easing of restrictions includes international travel and the reopening of bars, cafes and restaurants for indoor service.
“It has been a well-telegraphed move, but major re-opening in the UK today should continue to be welcomed by UK asset markets and the pound,” said ING strategists in a note to clients.
Sterling’s gains have been helped by a more aggressive Bank of England – which has begun tapering asset purchases.
The FTSE 100 has also provided a benchmark for the UK’s economic recovery – rising 11 per cent this year on reopening optimism.
The blue-chip index has pared some of those gains in the last few sessions on concerns around an Indian variant of coronavirus.
“Despite threats from the Indian variant, the scheduled re-opening will keep expectations of a summer UK recovery on track and feed into the BoE’s upbeat assessment of the UK activity outlook,” ING strategists added.
A new survey today shows economic confidence, the survey showed that job optimism among UK employers hit an eight-year high.
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