Pound at a Month High Against the DollarMarch 24, 2017 6:33 pm
Sterling held its ground on Thursday morning as markets took the latest London terror attack in their stride. The pound hit a month high against the dollar on Thursday as investors awaited UK retail sales data expected to turn positive for the first time in three months.
A dramatically weakened pound – which has lost nearly a fifth of its value following the EU referendum – has driven up the prices of goods, with data showing consumers spending far less on non-essential items.
Banks rushed for a final round of cheap long-term loans from the European Central Bank, the Frankfurt institution said Thursday, as signs mount that the cost of money may soon rise. 474 banks borrowed a total of 233.5 billion euros ($252 billion).
Taking away loans that banks used to repay old debts to the ECB, the amount of new cash pumped into the economy stood at 216 billion euros, an ECB spokeswoman told AFP, still more than four times larger than the December figure.
US Treasury Secretary Steve Mnuchin has said stock markets could get even higher once US President Donald Trump announces his economic plans. Friday’s rate remained volatile against the GBP, and we have seen a weakening of the Dollar this week.Pound to USD rate
Categorised in: News
This post was written by Kayleigh Driscoll