Ramla SoniThe pound (GBP) rose to its highest level - a seven-week high against the dollar, breaking through the $1.24 mark, as investors cut their bets on sterling falling as the risks of a no-deal Brexit could be receding, the Financial Times reported.
The pound was up 0.6% against the dollar at $1.2401 and 0.2% against the euro at €1.1169 this morning.
Friday’s gains mean sterling has risen 1% this week against the dollar and 0.5% against the euro.
GBP gains have been helped by the dollar weakening due to the ongoing trade war between the U.S. and China.
On Thursday, President Donald Trump said he would consider doing an “interim deal” with China, days after agreeing to push back an increase in existing tariffs on $250 billion worth of Chinese goods.
The dollar is seen by some as a haven assets traders move into in times of high volatility. As tension eases and investors move into riskier assets, the dollar tends to fall.
Elsewhere, Asia-Pacific stocks were slightly higher on Friday amid renewed optimism over a potential breakthrough in the trade war and after the European Central Bank cut interest rates and began a new stimulus programme.
Photo: Ascannio
