The British Pound

The British Pound

Pound holds its ground against the dollar

The British pound held its ground at 1.435 versus the dollar this morning (17 Apr), its highest level since the EU Referendum.

The value of sterling has increased by almost 0.2% boosted by prospects of a near-term interest rate hike by the Bank of England.

1.435 is the strongest level recorded for the pound since the Brexit vote, which sparked a sharp decline from a high of 1.50 against the dollar.

However, gains for the pound against the euro were slightly more muted with trading up 0.05% at 1.158, though it still marked its highest point since May 2017.

Michael Hewson, chief market analyst at CMC Markets UK, said: “The US dollar continued to sink yesterday, pressured to some extent by a rather bizarre tweet from President Trump that claimed that Russia and China were playing a devaluation game with their currencies, when the evidence doesn’t support that assertion at all.”