Sterling at 5 yr high V USD

Sterling hit a fresh a five-year high against the dollar on Monday (June 16th) after rising last Friday following Bank of England governor Mark Carney’s hints about an imminent interest rate rise.

GBP/USD consolidated at 1.6975 after the pound-dollar exchange rate briefly breached the key 1.70 level, as sterling’s surge continued as investors bet on borrowing costs increasing before Christmas. Meanwhile, the dollar was under some pressure against the yen as investors eyed the situation in Iraq, which seems supportive of safe haven assets. USD/JPY dropped to 101.93 as the US said it would consider talks with Iran over the Sunni uprising in the country.

The pound was also up against the euro, with EUR/GBP sliding to 0.7965, the lowest for the pair since September 2012. The euro was down against the dollar, as EUR/USD eased to 1.3521. Elsewhere, New Zealand’s dollar was up at a five-week high against the dollar, supported by last week’s interest rate rise. NZD/USD touched briefly on the 87 level consolidating around 0.8678.

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Marc Morley-Freer

Author: Marc Morley-Freer

Marc Morley-Freer, born in Jersey and moved to the ‘mainland’ as a youngster. He now works in financial services as a Global Head of Private Clients. When not working he enjoys nothing more than spending time with his dogs and motor racing. #forcewindia

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