POUND news : Sterling bounces back

Sterling lifted back above 1.16 against the euro during Wednesday morning trading after tumbling to its lowest level against Europe’s currency since March. The pound also edged up around 0.23 per cent against the US dollar, though failed to cross back above the 1.3 mark. Sterling bounces back Britain’s currency had fallen against both the dollar and the euro following the Manchester suicide bombing that has claimed the lives of 22 people. Higher than expected borrowing figures released yesterday piled further pressure on to the pound.
The pound lifted against the euro on Wednesday
At the same time, markets have anticipated that the European Central Bank could raise interest rates or scale back its money-printing programme amid better than expected economic data from the bloc. The dollar has also strengthened in recent days as markets focus on the US Federal Reserve and an expected interest rate hike next month. Later today the Fed will release minutes from its most recent meeting, which could give traders more insight into June’s move. Higher interest rates and so-called tighert monetary policy helps strenghen a country’s currency. -express

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