Sterling has made gains against a dollar struggling after a weak reading of US employment. The pound has however slipped against the euro and analysts believe sterling will remain weak today as markets await UK retail sales output data this week.
Pound Sterling – UK Markets
The pound climbed against the dollar this morning to trade at 1.607, but gains were capped and it was unable to push higher than 1.109 against the euro as investors remain wary of the UK's mounting debt problems and political uncertainty.
US Dollar – US Markets
The US dollar tumbled to the lowest level in four weeks against its major counterparts as Asian markets got their chance to react to December’s disappointing US jobs report.
The euro gained as much as 0.7% while the pound added 0.4% against the greenback in early Asian trading and it currently trades at EUR0.690 and GBP0.622 respectively.
Euro – European Markets
Analysts believe UK economic and political worries will allow the euro to remain strong against the pound and it currently trades at 0.901. European currency also picked up against a weakened dollar, trading at 1.448.
Other Currencies – Highlights
The Australian Dollar recovered from it’s USD0.873 low recorded in late December to trade up to a fresh 5-week high at 0.932.
The Aussie’s New Zealand counterpart also recorded highs against US currency and currently trades at 0.739.
Retail Sales Boost Pound Sterling while Brexit Headlines Limit Gains
Brexit Headlines Cause Wild Swings in Pound Sterling