Sterling holds ground as Britain eases lockdown

Sterling holds ground as Britain eases lockdown

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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