Sterling gains against dollar, little changed elsewhere
Markets do not expect the Bank of England to raise interest rates this week. Rates now are not expected to rise until early 2020.
“The general weakness in the dollar is contributing to the pound’s strength and the moves may be exaggerated in a thin market,” said Lee Hardman, a currency strategist at MUFG based in London.
Against the dollar, the pound gained as much as 0.7 per cent to 1.2945 dollar, but was steady against the euro and the Japanese yen.
With Japan out for a week of holidays, traders are worried that the absence of Tokyo, one of the world’s top five currency trading centres, might fuel some exaggerated moves in foreign exchange markets.
Overall volatility in the currency markets remained near five-year lows.
- Belgian Cup final back on and set for Aug. 1
- CBN to empower 11,250 wet season farmers in Adamawa
- Brazil’s confirmed COVID-19 cases rises to 411,821
- Interview: Cambodia-China joint COVID-19 fight reflects bond of true friendship, solidarity: Cambodian deputy PM
- C/River demolishes buildings of suspected kidnappers
- COVID-19: FCT enforcement team shuts bars, arrests 8 violators for impersonating army officers
- COVID-19: NCAA issues new protocols for Nigerian airlines
- COVID-19: Zamfara governor’s wife donates preventive items to women
- Kuwait records 24,112 COVID-19 cases, 185 deaths
- Siblings battle over burial rites of mother in Benue
- Oyo State Assembly holds valedictory sitting for late commissioner
- Assessing disruptive effects of COVID-19 on culture
- Court convicts 2 for stealing electrical appliances
- Austrian Airlines set to resume flights from June 15
- Senegal reports 95 new confirmed cases of COVID-19, total reaching 3,348
- Belarus reports 902 new COVID-19 cases, total reaches 39,858
- Roundup: Tokyo stocks close sharply higher on hopes for economic revivals
- No risk of losing 2021 World Cup over tax exemption: BCCI
- Gombe: NYSC urges corps members to comply with COVID-19 protocols
- 75 migrants rescued as Malta rents fourth tourist boat