Pound enjoys strong resurgence against the dollar

Just after lunchtime on Wednesday cable stands at $1.3869

The pound has sharply risen against the dollar over the past five days, with a big move coming yesterday afternoon.

Covid cases fell in the UK, allowing the pound to win back some gains, while orders for durable goods fell short of Wall Street’s expectations, giving the US economy a headache.

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Positive economic data has been coming out of the UK, as well as the eurozone, which is giving investor’s a renewed appetite for risk.

Just after lunchtime in the UK on Wednesday cable stands at $1.3869,

In the UK, Covid cases are set to fall for the seventh day in a row, which is propping up the pound, although there are fears that cases could rise again in the near future.

The pound strengthening is a continuation of the trend that started in December when the UK and EU put pen to paper on a trade deal in the aftermath of Brexit.

Since the middle of March, the pound is up against the euro by 13.1%.

In terms of the dollar, the upcoming Fed meeting where the US central bank will discuss its monetary policy will influence sentiment around the greenback over the coming weeks.

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